Walmart Inc (NYSE:WMT) backed Ibotta, a digital marketing company, anticipates raising $577.3 million with a valuation of around $2.7 billion after pricing its initial public offering on Wednesday.
Ibotta plans to offer 6.56 million shares of its Class A common stock at $88 per share, above its earlier price range of $76-$84 per share.
The company is selling 2.50 million shares of its Class A common stock and the selling stockholders are offering an additional 4.06 million shares of Class A common stock.
The surge in interest surrounding artificial intelligence and optimism regarding a potential recovery in the U.S. IPO market, fueled by prospects of an economic rebound, have prompted more technology firms to consider entering the IPO domain, reported Reuters.
The company was incorporated in 2011 as Zing Enterprises, Inc., a Delaware corporation. In 2012, it changed its name to Ibotta, Inc.
Ibotta will trade on the New York Stock Exchange under the ticker symbol “IBTA,” with trading set to commence on Thursday.
Price Action: WMT shares are trading higher by 0.08% at $59.70 in premarket on the last check Thursday.
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