Ibotta Inc. (IBTA Proposed), a Denver digital advertising rewards company, filed the terms for its IPO early today – Monday, April 8, 2024: 5.63 million shares (5,625,000 shares) at the eye-popping price range of $76.00 to $84.00 to raise $450.0 million, based on mid-point pricing at $80.00. This is a New York Stock Exchange listing. Ibotta would have a market cap of about $2.43 billion, assuming mid-point pricing.
The company is offering 2.5 million shares and the selling stockholders are offering 3.125 million shares, according to the prospectus.
Goldman Sachs, Citigroup and BofA Securities are leading the joint book-runners’ team. Evercore ISI, UBS Investment Bank and Wells Fargo Securities are also on the joint book-runners’ team.
Ibotta’s IPO is scheduled for pricing next week.
Ibotta says its AI-enabled technology platform lets consumer product group brands deliver digital promotions to over 200 million consumers through a single convenient network called the Ibotta Performance Network (IPN).
“We are pioneers in success-based marketing: we only get paid when our client’s promotion results in a sale, not when a consumer merely views or clicks on the promotion,” Ibotta says in the prospectus. “We have built the largest digital item-level promotions network in the United States by forming strategic relationships with major retailers which use our digital offers to power their loyalty programs on a white-label basis.”
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