Walmart-backed tech firm Ibotta files for US IPO

FILE PHOTO: View of Walmart's newly remodeled Supercenter, in Teterboro, New Jersey

(Reuters) - Walmart-backed digital marketing company Ibotta has filed to go public in the United States, it said in a filing on Friday.

The Denver-based company, which counts PepsiCo, Nestle and Coca-Cola among its more than 850 clients, did not disclose the size of the offering.

Its revenue grew 52% year-on-year to $320 million in 2023 while net income margin grew 12%, the filing showed.

Founded by Bryan Leach in 2011, the company helps brands deliver digital promotions and offers cash-back rewards to consumers on their everyday purchases.

Ibotta is moving forward with its listing plans at a time when initial public offerings in the United States are on the rebound thanks to easing concerns over elevated borrowing costs.

Shares of Reddit Inc and Astera Labs sky-rocketed in their debuts this week, further encouraging companies and investors to return to IPOs after a nearly two-year lull.

Ibotta plans to list its shares on the New York Stock Exchange under the symbol "IBTA".

Goldman Sachs, Citigroup and BofA Securities are the lead underwriters in the initial public offering.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Ravi Prakash Kumar)