Walmart-backed Ibotta shares surge 33% in strong market debut

-Shares of digital marketing firm Ibotta soared 33% on their debut on the New York Stock Exchange on Thursday, giving the Walmart-backed company a market valuation of $3.55 billion.

Tech offerings are leading the charge as the U.S. IPO market rebounds in 2024, after a sluggish two years, fueled by hopes of a soft landing in the economy. "We're going to use the proceeds of the IPO to build out the AI-enabled technology, so that it's ... the most sophisticated way to promote a product digitally in the world. So that it is, richer set of capabilities for our advertisers, who want to be able to reach large audiences," Ibotta CEO Bryan Leach told Reuters in an interview.Ibotta provides a platform for consumer brands to deliver promotions to customers and offer cash-back rewards on their everyday purchases.

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