Walmart-backed Ibotta plans to raise $551 million through a larger U.S. initial public offering, Reuters reports

(Reuters) – Ibotta, the digital marketing company backed by Walmart (NYSE:), said on Tuesday it plans to raise about $551 million in a larger U.S. initial public offering.

The company and some of its existing shareholders plan to sell a total of 6.56 million shares, nearly a million more than the previous offering, after some selling investors decided to offer more shares.

The company is seeking a valuation of $2.55 billion and is selling 2.5 million shares. The share offering is expected to be priced between $76 and $84 each.

Increasing enthusiasm for artificial intelligence and hopes for a recovery in the U.S. IPO market after a two-year slump due to a possible soft landing in the economy have encouraged more tech companies to test the IPO waters.

Founded in 2011, Ibotta provides a platform for brands to offer customers promotions and cashback rewards on their everyday purchases.

Goldman Sachs, Citigroup Global Markets and BofA Securities are the lead underwriters.

Ibotta is listed on the New York Stock Exchange under the ticker symbol “IBTA.”