Intro: Walmart-Backed Ibotta Files for IPO
Following Reddit Inc. and Astera Labs Inc.’s triumphant debuts this week, digital marketing software company Ibotta Inc. filed for an IPO.
The Denver-based business, which assists companies in offering mobile promotions through rebates and rewards, reported a profit last year in a filing on Friday, reversing prior losses. Walmart Inc. is one of Ibotta’s investors. The company will reveal the conditions of its IPO in a subsequent filing.
Bloomberg News reported in November that Ibotta was consulting with advisors and might pursue a listing worth $2 billion or more.
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The filing follows the achievement or exceeding of the IPO targets of semiconductor connectivity company Astera and social media platform Reddit, respectively, and the production of profits in their trading debuts.
In 2019, Koch Industries Inc.’s investment arm, Koch Disruptive Industries, led a $1 billion Series D capital round that valued Ibotta.
As to its registration with the US Securities and Exchange Commission, the firm manages marketing for over 2,400 companies, including Hallmark, Coca-Cola, and Whirlpool. According to Ibotta’s registration, Walmart is identified as one of its investors holding a 5% or larger share of the business.
According to the report, Ibotta had a net profit of $38 million on revenue of $320 million in the previous year, as opposed to a net loss of $55 million on revenue of $211 million the year before.
The End: Walmart-Backed Ibotta Files for IPO
Bank of America Corp., Citigroup Inc., and Goldman Sachs Group Inc. are leading the offering. The business intends to use the ticker symbol IBTA to trade its shares on the New York Stock Exchange.