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Ibotta confidently submitted anS-1 filingwith the SEC on March 22 with the intent to list its shares on the New York Stock Exchange . The 13 - class - old cash - back startup look to make its public launching after turn profitable and record telling taxation growth in 2023 .
The company report $ 320 million in taxation in 2023 , up 52 % from 2022 when it produced $ 210 million in tax income . Ibotta ’s gross profit grew 68 % from 2022 , $ 164.5 million , to 2023 , $ 276 million .
The Denver - free-base company started as an app for consumers to get Johnny Cash back on purchase through Ibotta ’s brand partnership . The companionship has since expanded into work up back - end software program for reward programs for enterprise customers include Exxon , Shell and Walmart .
Ibotta ’s move into B2B2C — selling to companies that then practice those products to trade to consumers — is potential a key reason why investors may be interested in this initial offering , says Nicholas Smith , a senior fairness enquiry analyst at Renaissance Capital , a research business firm focalise on pre - initial offering and IPO - focused exchange traded fund . Selling to party also likely play a big role in Ibotta ’s late fiscal gains .
“ The fact that [ Ibotta ] has become , with Walmart , more of an enterprise software system play , essentially being the back - end for its Walmart cash rewards curriculum , that lend more acceptance to it , ” Smith enjoin . “ [ Compared to ] ‘ Hey we have this app and we need to grow users and continue down that avenue . ’ ”
The company set out building its go-ahead program , known as Ibotta performance meshwork ( IPN ) , back in 2020 . Its partnership with Walmart also start out in 2020 but expanded its IPN partnership with the retail giant in 2022 . accord to the S-1 , this partnership meet a big purpose in Ibotta ’s revenue boost .
“ Our gross growth significantly accelerate with the addition of unexampled publishers to the IPN , ” agree to the S-1 . “ Most recently , the rollout of our pass on the digital property of Walmart has attracted larger audiences , and in turn , lead in greater spend by CPG marque and a greater number of redeemed offers . These development have increased our plate , growth , and profitability . ”
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Putting the Ibotta remark into linear perspective , from 2022 to 2023 its verbatim - to - consumer business grew by 19 % , a respectable amount . The troupe ’s enterprise clientele ( “ third - party publisher revenue ” in its filing ) , by contrast , grew 711 % over the same time soma , scaling from just under $ 10 million to just over $ 80 million in a single year . That outgrowth , and a resulting improvement in its gross margins — from 78 % in 2022 to around 86 % in 2023 — helped the company flip from persistent final losses to consistent profitability .
Quarterly data from Ibotta underscores how recently — and rapidly — it became a profitable caller . From Q1 2022 through Q1 2023 , the company post regular , decreasing net loss . In the first quarter of 2022 it had negative net income of $ 22.9 million , which declined to $ 4.3 million one year later . Then , starting in the 2d stern of 2023 , it began to generate regular lucre , which grew to $ 18.6 million by the last fourth part of last year .
Rapid revenue outgrowth , an expanding secondary taxation line , improving revenue quality and GAAP lucre all came together for Ibotta to list its share . If it stumbles even with those stake feature , late - stage venture - backed startups could view its unveiling as a cautionary fib .
But there is intellect to await that its outgrowth will continue . The company has signed IPN partnership with Family Dollar , Kroger , Exxon and Shell , implying broad incorporated need , even if the extent of those relationships is less clear compared to Ibotta ’s partnership with Walmart . The S-1 did not clarify how long Ibotta ’s partnership with Walmart is contracted for , but it did cite that if the retailer does end the relationship , it would have a substantial shock on Ibotta ’s commercial enterprise .
The boastful question that remains is how Ibotta will price its part . While the company likely choose to file its intent now — it originally hired bankers back in November — to taunt the recent wave of successful IPOs fromAstera LabsandReddit , Ibotta is very different from both of those companies .
Ibotta has see very footling , if any , subaltern action according to secondary data platforms , which clear it hard to judge how investor are currently valuing the inauguration . Smith said the pricing could go a few way considering the company has multiple revenue stream that traditionally get esteem quite differently .
“ It ’s gruelling because there is no perfect comp , ” Smith enjoin . “ It ’s a little bit of an adtech party , maybe start more [ into ] enterprise software . [ If it ’s ] look at truly from a technical school perspective , it will credibly go for a high multiple , if it ’s more sort of adtech or even consumer it might be lower . ”
Smith added that if investors peg it more as an advertizing or marketing troupe that it might price likewise to how Klaviyo , the digital merchandising company , was priced last gloam . Klaviyo price at $ 31 a ploughshare , $ 1 above its target of $ 30,which gave it a rating of $ 9.2 billion , a whisker below its former elemental round valuation of $ 9.5 billion . The company currently has a grocery store cap of $ 6.8 billion .
Ibotta has raised a little over $ 90 million in speculation majuscule from funds including GGV Capital , Great Oak Ventures and Teamworth Ventures , among others , in summation to a sight of angel investors include Thomas Jermoluk and Jim Clark , the co - beginner of Beyond Identity . The company was last esteem at $ 1.08 billion .
