Ibotta stock jumps on first day as a public company

P3251393 scaled

The current version of Ibotta’s app, which was introduced in 2012. (BusinessDen file)

In 2011, Bryan Leach quit his job as partner at the law firm Bartlit Beck to start a company called Zing Enterprises. 

On Thursday, 13 years later, Leach rang the ceremonial bell at the New York Stock Exchange to mark the start of the trading day, which saw his Denver-based company — now called Ibotta — go public. 

Bryan Leach

Bryan Leach

Ibotta and existing shareholders raised $577 million as they sold 6.6 million shares at $88 apiece, slightly above the originally expected $76 to $84 range. 

Shares of IBTA jumped from there, hitting a high of about $117 before closing the day at about $103, up 16% on the IPO price.

Ibotta offers a modern version of couponing, in which customers get rebates when purchasing specific products from eligible stores. Companies pay Ibotta when a customer buys an item.

Last month, when Ibotta filed to go public, the company disclosed that it was profitable in 2023. According to SEC filings, Ibotta made $38.1 million on $320 million in revenue last year, compared to a loss of $54.9 million off $210.7 million in revenue in 2022. 

The company is headquartered downtown at 1801 California St. and had 815 employees at the end of last year.

P3251393 scaled

The current version of Ibotta’s app, which was introduced in 2012. (BusinessDen file)

In 2011, Bryan Leach quit his job as partner at the law firm Bartlit Beck to start a company called Zing Enterprises. 

On Thursday, 13 years later, Leach rang the ceremonial bell at the New York Stock Exchange to mark the start of the trading day, which saw his Denver-based company — now called Ibotta — go public. 

Bryan Leach

Bryan Leach

Ibotta and existing shareholders raised $577 million as they sold 6.6 million shares at $88 apiece, slightly above the originally expected $76 to $84 range. 

Shares of IBTA jumped from there, hitting a high of about $117 before closing the day at about $103, up 16% on the IPO price.

Ibotta offers a modern version of couponing, in which customers get rebates when purchasing specific products from eligible stores. Companies pay Ibotta when a customer buys an item.

Last month, when Ibotta filed to go public, the company disclosed that it was profitable in 2023. According to SEC filings, Ibotta made $38.1 million on $320 million in revenue last year, compared to a loss of $54.9 million off $210.7 million in revenue in 2022. 

The company is headquartered downtown at 1801 California St. and had 815 employees at the end of last year.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Startups

Editor's Picks

Comments are closed.