Walmart-backed Ibotta targets up to $2.55 billion valuation in US IPO

(Reuters) -Ibotta, backed by Walmart, said on Monday it was targeting a valuation of up to $2.55 billion in its U.S. initial public offering, the latest technology firm looking to tap into improving investor appetite for new listings.

The digital marketing company is selling nearly 2.5 million shares, while some stockholders are offering about 3.1 million shares at a price range of $76 and $84 each to raise up to $472.5 million.

Ibotta was valued at $1 billion in a 2019 Series D funding round, led by the investment arm of Koch Industries.

Tech IPOs are picking up pace as the U.S. IPO market rebounds from a two-year slump as expectations grow for a soft landing of the economy.

Strong market debuts by chip firm Astera Labs and social media platform Reddit last month have also encouraged others to move ahead with their listing plans.

Ibotta, founded in 2011, provides a platform to consumer brands to deliver promotions to customers and offer cash back rewards on their everyday purchases.

The Denver-based company caters to more than 850 clients including appliance maker Whirlpool, Nutella maker Ferrero and packaged food company Nestle among others.

Ibotta has signed multi-year agreements with retailers Walmart and Dollar General, which use the company's digital offers for their loyalty programs.

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

Ibotta will list on the New York Stock Exchange under ticker symbol "IBTA".

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sonia Cheema and Shinjini Ganguli)