Ibotta, which provides a digital marketing platform that offers consumers cash rebates, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $250 million.
Ibotta is a technology company that allows CPG brands to deliver digital promotions to consumers through a single network, called the Ibotta Performance Network. Ibotta believes it is the pioneer in "success-based marketing," meaning the company is only paid when its client's promotion results in a sale. As of December 31, 2023, Ibotta worked directly with over 850 different clients, representing over 2,400 different CPG brands. Most of its offers cover products in non-discretionary categories, such as grocery, but it also works with general merchandise manufacturers in categories such as toys, clothing, and beauty, among others.
The Denver, CO-based company was founded in 2011 and booked $320 million in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol IBTA. Ibotta filed confidentially on October 27, 2023. Goldman Sachs, Citi, BofA Securities, Evercore ISI, UBS Investment Bank, and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
