Ibotta, backed by Walmart, said it was targeting a valuation of up to $2.55 billion (€2.4 billion) in its US initial public offering, the latest technology firm looking to tap into improving investor appetite for new listings.
The digital marketing company is selling nearly 2.5 million shares, while some stockholders are offering about 3.1 million shares at a price range of $76 and $84 each to raise up to $472.5 million.
Ibotta was valued at $1 billion (€920 million) in a 2019 Series D funding round, led by the investment arm of Koch Industries.
Tech IPOs are picking up pace as the IPO market rebounds from a two-year slump as expectations grow for a soft landing of the economy.
Strong market debuts by chip firm Astera Labs and social media platform Reddit last month have also encouraged others to move ahead with their listing plans.
Consumer Brands
Ibotta, founded in 2011, provides a platform to consumer brands to deliver promotions to customers and offer cash back rewards on their everyday purchases.
The Denver-based company caters to more than 850 clients including appliance maker Whirlpool, Nutella maker Ferrero and packaged food company Nestlé among others.
Ibotta has signed multi-year agreements with retailers Walmart and Dollar General, which use the company's digital offers for their loyalty programmes.
Goldman Sachs, Citigroup Global Markets, and BofA Securities are the lead underwriters for the offering.
Ibotta will list on the New York Stock Exchange under ticker symbol 'IBTA'.
The company allows brands to deliver digital promotions to over 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN).
