Ibotta, which provides a digital marketing platform that offers consumers cash rebates, announced terms for its IPO on Monday.
The Denver, CO-based company plans to raise $450 million by offering 5.6 million shares (56% secondary) at a price range of $76 to $84. At the midpoint of the proposed range, Ibotta would command a fully diluted market value of $2.8 billion.
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.
Ibotta 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. Goldman Sachs, Citi, BofA Securities, Evercore ISI, UBS Investment Bank, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2024.
