Ibotta, which provides a digital marketing platform that offers consumers cash rebates, increased the offering size for its upcoming IPO on Tuesday.
The Denver, CO-based company now plans to raise $525 million by offering 6.6 million shares (62% secondary) at a price range of $76 to $84. The company had previously filed to offer 5.6 million shares at the same range. The additional 935,700 shares will be sold by existing shareholders and Ibotta still plans to sell 2.5 million primary shares.
At the midpoint of the range, the IPO will raise 17% more in proceeds than previously anticipated; Ibotta will still command a fully diluted market value of $2.9 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.
