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.
Xi to Attend SCO Summit via Video Link
Xiplomacy: Xi Jinping and His American Friends
Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
Apps simplify expense steps for foreign users
Historic monuments in Dengfeng, central China
Book on Xi's Thought on Boosting China's Strength in Cyberspace Published
Uber and Lyft say they'll stay in Minnesota after Legislature passes driver pay compromise
Tourists visit 23rd Harbin Ice
'Real life' Martha from Baby Reindeer's million
Xi Sends Congratulatory Letter to Forum on Civilization and Sinology