Ibotta Goes Public
Ibotta Inc., a technology company providing digital promotions and performance marketing solutions, debuted its initial public offering on April 18.
Based in Denver, Ibotta allows brands to deliver digital promotions to more than 200 million consumers through a network of publishers called the Ibotta Performance Network (IPN), which works with major retail brands like Walmart, Dollar General and Kroger. The IPN allows marketers to influence what people buy, and where and how often they shop – all while paying only when their campaigns directly result in a sale. According to the company, American shoppers have earned more than $1.8 billion through the IPN since 2012.
On April 17, the company revealed the pricing of 6,560,700 shares of its Class A common stock, 2,500,000 of which are being sold by Ibotta and 4,060,700 of which are being sold by certain selling stockholders, at a public offering price of $88 per share. In connection with the offering, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 984,105 shares of Class A common stock at the IPO price, less underwriting discounts and commissions. Ibotta will not receive any proceeds from the sale of the shares by the selling stockholders.
The shares began trading on the New York Stock Exchange on April 18, under the symbol "IBTA.” The offering is expected to close on April 22, subject to customary closing conditions.
Goldman Sachs & Co. LLC, Citigroup and BofA Securities are acting as joint lead book-running managers for the offering, with Evercore ISI, UBS Investment Bank and Wells Fargo Securities acting as joint book-running managers. Citizens JMP, Needham & Co., and Raymond James are acting as co-managers for the offering.
The offering will be made only by means of a prospectus.
Ibotta joined forces with AppCard earlier this year to deliver and offer content at scale to independent grocers across the United States via the IPN.
“AppCard has long been a champion for independents, and our partnership with Ibotta will help bring a richer and higher volume of offer content to these important retailers,” noted Jeremy Rabe, chief growth officer of New York-based AppCard, this past February. “We’re delighted to add Ibotta as a partner and expand our promotional content base to further enable independent grocers to compete by gaining access to more CPG offers. ”
Want to learn more about this trending topic? The top retailers and solution providers in grocery, including Ibotta, will be talking about the latest innovations and so much more at Progressive Grocer's annual GroceryTech event in Dallas on June 5-7. Click here for more information and to register now.
