(Reuters) – Walmart-backed digital marketing company Ibotta is likely to raise $577.3 million at a valuation of $2.67 billion after pricing its initial public offering on Wednesday.
It plans to sell 6.6 million shares of Class A common stock at $88 per share, up from its previous price range of $76 to $84 per share, Ibotta added.
Increased buzz around artificial intelligence and hopes for a rebound in the U.S. IPO market after a two-year slump, bolstered by a possible soft landing in the economy, have prompted more tech companies to test IPO opportunities.
Founded in 2011, Ibotta provides a platform for brands to run promotions for customers and earn cash back on their everyday purchases.
Goldman Sachs, Citigroup Global Markets and BofA Securities are the lead underwriters for the IPO.
Ibotta will list on the New York Stock Exchange under the ticker symbol “IBTA” and shares are expected to begin trading on Thursday.