Ibotta, which provides a digital marketing platform that offers consumers cash rebates, raised $577 million by offering 6.6 million shares (62% secondary) at $88, above the range of $76 to $84. The Denver, CO-based company had originally filed to offer 5.6 million shares, before increasing the secondary component of the deal on Tuesday.
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 plans to list on the NYSE under the symbol IBTA. Goldman Sachs, Citi, BofA Securities, Evercore ISI, UBS Investment Bank, and Wells Fargo Securities acted as joint bookrunners on the deal.
