(Bloomberg) -- Ibotta Inc., a digital marketing software firm that counts Walmart Inc. as a backer, and a group of shareholders raised about $577.3 million...
-- Ibotta Inc., a digital marketing software firm that counts Walmart Inc. as a backer, and a group of shareholders raised about $577.3 million in an initial public offering priced above a marketed range.The Denver-based company, which helps brands deliver mobile promotions through rewards and rebates, and the shareholders sold 6.56 million shares for $88 each, according to terms of the deal seen by Bloomberg News.At that price, Ibotta would have a market value of $2.
The listing brings the total raised via IPOs on US exchanges this year to about $12 billion, compared with only $3.9 billion at this point in 2023, according to data compiled by Bloomberg. That rebound follows a nearly two-year lull in offerings following an all-time high in 2021. Clark Jermoluk Founders Fund 1 LLC is set to own about 19% of the Class A shares once the company is public. Walmart, which has the right to buy more than 3.5 million shares, will have at least 8.2% of the Class A stock.
-- Economists at Citigroup Inc. are going out on a limb by wagering that virtually everyone on Wall Street is wrong about the Federal Reserve.
Canada's inflation rate ticks up to 2.9% in March amid higher gas prices, boosting June rate-cut bets
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