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.
Katie Price reveals her plans to REDUCE her surgically enhanced assets
Hungarian parliament approves Finland's accession to NATO
China launches global consumption event series at heavyweight expo
Chinese women's national football team seeks head coach
Thrice divorced Whoopi Goldberg, 68, admits she NEVER wanted to get married
Roundup: Establishment of diplomatic ties with China applauded across Honduras
French PM deploys constitutional power to force passage of pension reform bill
Chinese FM discusses progress of outlook on peace, development in Horn of Africa
Montreal scores twice in final minutes and rallies to beat Minnesota 4
UN urges trillions in investments to salvage global goals