TechCrunch
Ibotta’s IPO opens sharply higher, hinting at warming public-market interest in tech shares
Ibotta began its path as a public company on Thursday by opening at $117 per share, a big increase from its IPO price of $88, itself an increase from its proposed range of $76 to $84 per share. The company left money on the table “for investors who are very bullish on it [expanding] its third-party platform beyond just Walmart,” which has become a key partner for Ibotta and represents much of its current revenue, said Nicholas Smith, a senior research analyst at pre-IPO research company Renaissance Capital. Its successful debut marks the third major tech IPO in the United States this year, and is the third in a row to price well and immediately trade higher.
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