NEW YORK (AP) — Shares of Ibotta, a Walmart-backed digital company that offers customers cash-back rewards and rebates on grocery brands ranging from Nestle to Coca-Cola, rose 17% in their Wall Street debut.
The stock, which trades under the ticker “IBTA” on the New York Stock Exchange, opened Thursday at $117, well above the $88 offering price. By mid-afternoon trading, it had lost some momentum and closed at $103.25, giving it a market value of more than $3 billion.
Ibotta joins a handful of tech companies like Instacart and Reddit that enjoyed a solid debut in the public markets. Last September, grocery delivery Instacart’s shares finished the day up 12.3% on Nasdaq, giving the company a market value of more than $11 billion. Reddit’s stock soared in its Wall Street debut in March of this year as investors pushed the value of the company close to $9 billion seconds after it began trading on the New York Stock Exchange.
Hanna Cavinder announces RETURN to college basketball with Miami
French health foundation's cooperation commended
China, Indonesia set to deepen ties
French health foundation's cooperation commended
Truce remains elusive in Gaza as talks fall flat
Blinken claiming that China is spreading disinformation is in itself disinformation: Chinese FM
China to do utmost to restore peace in Gaza: FM spokesperson
Montreal scores twice in final minutes and rallies to beat Minnesota 4
'143 people still missing' after Moscow attack
Danny Cipriani holidays with 90210 star AnnaLynne McCord at spiritual retreat in Egypt
UN Security Council adopts first cease