BREAKINGVIEWS-Walmart-backed IPO makes brick-and-mortar AI pitch

Reuters04-17

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)

By Sharon Lam

TORONTO, April 17 (Reuters Breakingviews) - Ibotta is chasing a $2.6 bln public valuation for one of marketing’s oldest tricks: rebates on in-store purchases. Its data-gathering is simple – customers scan receipts – yet solid and profitable. But efforts to cover the company in a high-tech sheen look like a stretch.

Full view will be published shortly.

Follow @sharonlam_ on X

CONTEXT NEWS U.S. rewards-app company Ibotta is seeking an initial public offering that could value the company at up to $2.55 billion, according to Securities and Exchange Commission filings. The company is selling nearly 2.5 million shares, while certain pre-IPO investors are offering about 4.1 million. The price range, between $76 and $84 per share, implies the company could raise up to $551 million.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphic: Ibotta's revenue growth outpaced Klaviyo's in 2023 Ibotta's revenue growth outpaced Klaviyo's in 2023

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

(Editing by Jonathan Guilford and Aditya Sriwatsav)

((For previous columns by the author, Reuters customers can click on sharon.lam@thomsonreuters.com; Reuters Messaging: sharon.lam.thomsonreuters.com@reuters.net))

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