Ibotta, supported by Walmart, aims for a valuation of up to $2.7 billion in its upcoming US IPO

Walmart-backed digital marketing company Ibotta is likely to raise 577.3 million USD at a 2.67 billion USD valuation, after pricing its initial public offering on Wednesday.

Ibotta added that it plans to sell 6.6 million shares of its Class A common stock at 88 USD per share, above the previous price range of 76 USD to 84 USD per share.

Growing hype around artificial intelligence and hopes for a rebound in the US IPO market after two years of recession, buoyed by a potentially soft landing for the economy, have encouraged more technology companies to test the IPO waters.

Founded in 2011, Ibotta provides a platform for brands to offer promotions to customers and offer cashback rewards on their everyday purchases.

Goldman Sachs, Citigroup Global Markets and BofA Securities are the lead underwriters for the IPO.

Ibotta will be listed on the New York Stock Exchange under the ticker symbol “IBTA,” and shares are expected to begin trading on Thursday.

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