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An initial public offering by Ibotta, a digital promotions company whose backers include Walmart<\/a>, could more than double the firm\u2019s valuation compared with where it stood after a 2019 funding round.\u00a0<\/p>\n Ibotta originally filed with the Securities and Exchange Commission on March 22, right after the successful IPOs of the Astera Labs and Reddit, but it wasn\u2019t until Monday that the firm provided details. The amended S-1 shows it will release more than 5.6 million shares<\/a> that range from $76 to $84. Most of those will be coming from current stockholders, with only 2.5 million part of Ibotta\u2019s offering.<\/p>\n Those roughly 5.6 million represent almost 21% of all shares. With 27,221,509 outstanding, pricing at the top of the range would put Ibotta\u2019s valuation around $2.28 billion, meaning the IPO could generate as much as $472.5 million.<\/p>\n While Walmart holds 2.7 million shares, the biggest venture partner is Koch Disruptive Technologies<\/a>, the investment arm of Koch holdings, with around 4.8 million. KDT led Ibotta\u2019s 2019 series D funding round<\/a>, which at the time valued the company around $1 billion.<\/p>\n When it comes to who controls Ibotta, two of the three major VCs\u2014Walmart and Clark Jermoluk Founders Fund\u2014said they aren\u2019t selling any shares, and Koch Industries is just giving up just under 5% of its current 20% voting rights. Leach is putting up just 531,000 of his 4.26 million shares and will retain almost 70% control.<\/p>\n The Denver-based company, which will trade on the NYSE under IBTA, achieved profitability last year while generating $320 million in revenue. In a letter accompanying the filing, CEO Bryan Leach noted how Ibotta began just 12 years ago \u201cin the windowless basement of an old fire station in downtown Denver.\u201d<\/p>\n \u201cOur capital-light business has allowed us to grow rapidly while increasing profitability over time and capturing the benefits of a multi-sided network,\u201d he added.<\/p>\n Ibotta\u2019s platform lets consumer brands market promotions and rebates. Among the 2,400 brands<\/a> that use Ibotta are Coca-Cola<\/a> and Pepsi, Campbell Soup<\/a>, Kraft Heinz<\/a>, and General Mills<\/a>. In 2021, the company entered into a partnership with Walmart<\/a> to showcase its digital promotions.<\/p>\n \u201cThe fact that [Ibotta] has become, with Walmart, more of an enterprise software play, basically being the back-end for its Walmart cash rewards program, that lends more credence to it,\u201d Nicholas Smith, an analyst with Renaissance Capital, which provides pre-IPO research and manages two IPO-focused ETFs, recently told TechCrunch<\/a>.<\/p>\n<\/div>\n\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n<\/div>\n