Ibotta, the digital marketing software firm, is reportedly gearing up for an initial public offering (IPO) that could value the company at $2 billion or more.
Reached by PYMNTS, an Ibotta spokesperson declined to comment on the report.
While the exact timing of the IPO has yet to be determined, it is expected to take place next year, according to the report.
Ibotta joins a growing list of companies that are waiting for more favorable market conditions before launching their IPOs, per the report. Bloomberg News has previously reported that several companies, including Amer Sports and Astera Labs, are also preparing for potential listings once market conditions improve.
The preparations to go public come at a time when the U.S. IPO market is facing uncertainty, according to the report. Recent IPOs from companies like Arm Holdings and Birkenstock have received lackluster responses from investors. Additionally, factors such as persistently high interest rates and geopolitical tensions in the Middle East are impacting market sentiment.
Ibotta was valued at $1 billion in a Series D funding round in 2019, led by Koch Disruptive Industries, the investment arm of Koch Industries, the report said. Other backers of Ibotta include GGV Capital, Harbor Spring Capital and Haystack Partners.
The company specializes in facilitating mobile promotions through rewards and rebates for brands, the report said. The company has formed partnerships with over 2,000 retailers, including major players like Walmart, Dollar General and General Mills.
As part of its partnership with Dollar General, Ibotta helped the discount retailer roll out its DG Cash Back Program, which lets shoppers earn cash back on their purchases in their DG Wallets. Shoppers can sign up for the program on the Dollar General website or via the DG mobile app.
In another partnership, Ibotta and Walmart struck a deal in 2021 to develop and roll out a digital offers program on Walmart’s website and app. This program expanded the relationship that Walmart and Ibotta started three years earlier, in 2018.