Shares of Walmart-backed Ibotta soar on public debut

By ANNE D’INNOCENZIO
AP Business Writer

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.