Walmart-Backed Digital Marketing Company Ibotta Set For IPO Amid AI Buzz: Details
Portfolio Pulse from Shivani Kumaresan
Walmart Inc-backed Ibotta, a digital marketing company, is set for its IPO, aiming to raise $577.3 million at a valuation of $2.7 billion. The company plans to offer 6.56 million shares at $88 each, above the initial price range. Ibotta, founded in 2011 and going public under the ticker IBTA, benefits from the AI buzz and a recovering U.S. IPO market. Walmart shares (WMT) saw a slight increase of 0.08% in premarket trading.
April 18, 2024 | 1:13 pm
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Walmart Inc sees a minor premarket stock increase of 0.08% as its backed company Ibotta prepares for an IPO, indicating investor optimism.
The slight increase in Walmart's stock price in premarket trading can be attributed to positive investor sentiment surrounding the IPO of Ibotta, a company it backs. This event reflects optimism about Walmart's investment strategy and its potential indirect benefits from Ibotta's successful market debut.
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IMPORTANCE 60
RELEVANCE 80