Walmart coupon provider Ibotta wants to raise $551M

One week after announcing plans to go public on the New York Stock Exchange, Denver-based cash back rewards company Ibotta filed its registration statement with the Securities and Exchange Commission with plans to raise roughly $551 million.

The company aims to sell 6.56 million shares — 2.5 million shares of Class A common stock from the company and 4.06 million by stockholders — which would put the company’s valuation at about $2.5 billion at between $76 and $84 per share.

The company reported in the IPO filing that it experienced a 52% growth in revenue in fiscal year 2023 at $320 million. Its net income margin for the period was 12%, and its adjusted EBITDA margin was 26%.

The company released its cash-back mobile app in 2012, and has since attracted more than 50 million users, the company said.

They launched the Ibotta Performance Network in 2020, which offers exclusive deals on third-party digital properties.

“Making every purchase rewarding meant not only operating under our own brand

but also taking the technology and infrastructure we had built, and our exclusive offers, and making it all available on a white-label basis to publishers that wanted a plug-and-play technology solution,” Ibotta founder and CEO Bryan Leach said in the IPO filing. “A significant portion of our offer redemptions now occur on third-party publishers that leverage our technology platform and offers.

“Today, millions of consumers redeem our offers on Walmart, Dollar General, Kroger, Shell, and other retailer properties without ever creating an Ibotta account or downloading our app.”

Ibotta’s biggest retail partner — they refer to them as “retail publishers” — is Walmart.

They currently have a “multi-year strategic relationship” with the retail giant as the exclusive of digital item-level rebate offer content for both online and offline shopping with the retail giant’s U.S. operation.

“Consumers redeem our offers on Walmart properties without ever creating an Ibotta account. Instead, they can select manufacturer offers from the Walmart website or app, buy the featured items in-store or online, and instantly earn Walmart Cash which can be applied to future purchases in a Walmart store or on Walmart.com. All CPG brands wishing to run digital item-level rebates on Walmart’s website can only do so through the IPN,” the company said in the IPO filing.