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Wilson Sonsini advises Ibotta on $577 million IPO valued at $2.7 billion

On April 18, 2024, Ibotta, the digital marketing company backed by Walmart, listed on the New York Stock Exchange under the ticker symbol “IBTA,” raising approximately $557.3 million in a larger initial public offering. According to Bloomberg, Denver-based Ibotta and a group of its shareholders sold 6.56 million shares for $88 each, increasing Ibotta's valuation to about $2.67 billion. The offering is expected to close on April 22, 2024, subject to customary closing conditions. Wilson Sonsini Goodrich & Rosati represented Ibotta in the transaction.

The listing brings the total amount raised through initial public offerings on U.S. exchanges this year to about $12 billion, compared to just $3.9 billion at this point in 2023, according to Bloomberg compiled data. This recovery follows a nearly two-year supply lull following an all-time high in 2021.

The Wilson Sonsini team representing Ibotta in the transaction includes Larry W. Sonsini, Mark Baudler, Melissa Rick and Rachel Nagashima.

For more information, see Ibotta's press release. For additional coverage, visit Reuters, Bloomberg, Bloomberg Law and Law360, among others.

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