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.
Tesla shares tumble below $150 per share, giving up all gains made over the past year
Enjoying Scenery, Folk Culture in Wuchuan
Bringing History of Women Red Army Soldiers to Life
Attaining Wealth by Growing Popular Guavas
Tibetan Woman Helps Farmers Promote Agricultural Products via Livestreaming
Kourtney Kardashian is 45! The reality TV star and wife of Travis Barker gets heart
Villagers Create Rap Songs, Record Better Lives
Zara Tindall and her husband Mike share a loved
'Chestnut Princess' Helps Rural Residents Promote Agricultural Products via Livestreaming