After Reddit And Astera Labs's Successful IPOs, Ibotta Is Now Getting Ready For Another Billion-Dollar IPO

Denver-based cash-back and rewards company Ibotta is gearing up for its much-anticipated initial public offering (IPO), marking a significant milestone in its journey since achieving Unicorn status in 2019. 

Last week, the company filed Form S-1 with the U.S. Securities and Exchange Commission, signaling its readiness to debut on the New York Stock Exchange under the symbol IBTA.

Ibotta’s evolution from a primarily business-to-consumer model to a business-to-business-to-consumer approach has been instrumental in fortifying its revenue streams, paving the way for its IPO. 

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A cornerstone of Ibotta’s revenue growth has been its Ibotta Performance Network (IPN), a platform for brands and publishers, facilitating pay-per-sale digital promotions.

A key revenue driver for Ibotta has been its Ibotta Performance Network (IPN), a platform for brands and publishers, facilitating pay-per-sale digital promotions. 

Notable partners within this network include retail giants such as Walmart Inc., Dollar General Corp., Walgreens and Family Dollar Stores Inc., with the Walmart partnership playing a particularly pivotal role in Ibotta’s financial trajectory.

"Our revenue growth significantly accelerated with the addition of new publishers to the IPN," according to the S-1. "Most recently, the rollout of our offers on the digital property of Walmart has attracted larger audiences, and in turn, resulted in greater spend by CPG [consumer packaged goods] brands and a greater number of redeemed offers. These developments have increased our scale, growth and profitability."

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According to the filing, Ibotta reported a remarkable 52% year-on-year revenue growth to $320 million in 2023, with a corresponding 12% increase in net income margin.

As of Dec. 31, Ibotta collaborates with over 850 clients, representing more than 2,400 different CPG brands, to source exclusive offers.

Founded in 2011 by Bryan Leach, Ibotta has garnered substantial support from investors, having raised $92.9 million in funding rounds. 

Key investors include Kleiner Perkins, Koch Disruptive Technologies, FJ Labs and GGV Capital U.S., with its last series D round in 2019, led by Koch Disruptive Technologies, valuing the company at $1 billion.

Last year was slow for IPOs. With the 1,429 global IPOs down 16% from the previous year, the global IPO market has shown signs of revival in the first quarter 2024, witnessing 287 deals raising $23.7 billion.

Recent U.S. IPOs include Reddit, which soared 30% the day shares were available, and Astera Labs, up almost 20% since the IPO on March 20.

Amid the fluctuating IPO market conditions and their impact on valuations, the forthcoming valuation and share price of Ibotta remain a subject of keen interest and anticipation.

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