Abbott Picks Goldman, Citi To Lead IPO At $2 Billion Valuation
Digital marketing software firm Ibotta Inc. has tapped advisers to help it prepare for an initial public offering that could value it at $2 billion or more, according to people with knowledge of the matter.
(Bloomberg) -- Digital marketing software firm Ibotta Inc. has tapped advisers to help it prepare for an initial public offering that could value it at $2 billion or more, according to people with knowledge of the matter.
The Denver-based company, which helps brands to deliver mobile promotions through rewards and rebates, is working with Goldman Sachs Group Inc. and Citigroup Inc., said the people, who asked not to be identified discussing confidential information.
The listing is expected to take place next year, though the exact timing hasn’t been decided, the people added. Representatives for Goldman Sachs and Citigroup declined to comment. A spokesperson for Ibotta couldn’t immediately be reached for comment.
Ibotta’s deliberations come at an uncertain time for U.S. IPOs, following some lackluster recent debuts from the likes of chip designer Arm Holdings Plc and sandal maker Birkenstock Holding Plc. Persistently high interest rates and an escalating conflict in the Middle East are also weighing on sentiment.
To be sure, a host of companies, including sporting equipment group Amer Sports and connectivity solutions provider Astera Labs Inc., are preparing for potential listing as and when market conditions improve, Bloomberg News has reported.
In 2019, Ibotta was valued at $1 billion in a Series D funding round led by Koch Disruptive Technologies, an investment arm of Koch Industries Inc. Founded in 2012, the company has rewards partnerships with more than 2,000 retailers including Walmart, Dollar General and General Mills, according to its website.
Ibotta’s backers also include GGV Capital, Harbor Spring Capital and Haystack Partners.
(Corrects name of Koch Disruptive Technologies in sixth paragraph of story published Nov. 2, 2023.)
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