Ibotta boosts IPO size as investors eye the AI-enhanced digital marketing play – Seeking Alpha

Digital marketing company Ibotta (IBTA) is looking to raise about $551M in an upsized initial public offering. The company and some of existing shareholders plan to sell a combined 6.56M shares in an expected range of $76 to $84 per share. The valuation on Ibotta (IBTA) could top $2.5B if the IPO prices in the expected range.

Ibotta (IBTA) stated in its IPO filing that its technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network. The Denver-based company said it has built the largest digital item-level promotions network in the United States by forming strategic relationships with major retailers such as Walmart (WMT), General Mills (GIS), Kroger (KR), Exxon Mobil (XOM), and Dollar General Corporation (DG). The technology platform uses an AI-enabled offer engine that is designed to match and distribute the right offer to the right consumer at the right time.

In terms of financials, Ibotta (IBTA) reported total revenue rose 52% year-over-year to $320M in 2023 from $211M in 2022. The company showed net income of $38M in 2023 after reporting a loss in 2022.

Ibotta (IBTA) backers include Walmart (WMT), Koch Disruptive Industries, GGV Capital, Harbor Spring Capital and Haystack Partners.

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