Walmart-Endorsed Ibotta’s Stocks Skyrocket During Public Launch
- Shares of Ibotta, a Walmart-backed digital company, rose 17% in their Wall Street debut, giving it a market value of over $3 billion.
- The company, which offers customers cash-back rewards and rebates on grocery brands, joins a handful of tech companies like Instacart and Reddit that enjoyed a solid debut in the public markets.
- Denver-based Ibotta, founded by lawyer Bryan Leach in 2011, works with more than 850 different clients and represents 2,400 consumer packaged brands.
Walmart-backed Ibotta sees a 17% rise in shares during its Wall Street debut, joining the ranks of successful tech company debuts such as Instacart and Reddit.
Ibotta’s Successful Wall Street Debut
Shares of Ibotta, a digital company backed by Walmart that offers customers cash-back rewards and rebates on grocery brands, rose 17% in their Wall Street debut. The stock, trading under the ticker “IBTA” on the New York Stock Exchange, opened at $117, well above the $88 offering price. By mid-afternoon trading, it had lost some momentum and closed at $103.25, giving it a market value of more than $3 billion.
Joining the Ranks of Successful Tech Company Debuts
Ibotta joins a handful of tech companies like Instacart and Reddit that enjoyed a solid debut in the public markets. Last September, grocery delivery Instacart’s shares finished the day up 12.3% on Nasdaq, giving the company a market value of more than $11 billion. Reddit’s stock soared in its Wall Street debut in March of this year as investors pushed the value of the company close to $9 billion seconds after it began trading on the New York Stock Exchange.
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