Walmart-Backed Ibotta Rises 17% After $577 Million IPO
- Founder and CEO Leach to have 71% of the voting power
- Digital marketing firm’s backers include Koch Industries arm
Shares in Ibotta Inc., which helps brands deliver mobile promotions through rewards and rebates, and counts Walmart Inc. as a backer, traded at $107.68 each as of 1:01 p.m. on Thursday.
Photographer: Michael Nagle/BloombergIbotta Inc. climbed 17% in its trading debut after the digital marketing software firm and a group of shareholders raised about $577.3 million in an initial public offering priced above a marketed range.
Shares in the company, which helps brands deliver mobile promotions through rewards and rebates, and counts Walmart Inc. as a backer, closed trading at $103.25 each Thursday after earlier gaining as much as 34%.