Ibotta's IPO just minted more than 150 millionaires, many in Denver, CEO says

• The public debut of Ibotta has minted more than 150 millionaires, according to CEO Bryan Leach.
• Ibotta is based in Denver, Colorado and offers consumers an AI-driven cash back rewards app.
• "By my calculations, I believe there'll be over 150 people who make at least a million dollars on this IPO," Leach said.

The successful IPO debut of Ibotta has freshly minted more than 150 millionaires, according to CEO Bryan Leach.

"By my calculations, I believe there'll be over 150 people who make at least a million dollars on this IPO. Many of them are in Denver," Leach said to the Colorado Sun.

The new millionaires have benefited from an employee stock incentive and stock options plan that has been in place since the company's founding in 2011. According to the company's S-1 filing made with the SEC, it authorized just over 14 million shares in its 2011 equity incentive plan across stock, options, and restrictive shares.

At current prices, the shares related to that plan is worth a cumulative $1.5 billion.

Ibotta went public at an IPO price of $88 per share, helping it raise $577 million in funds. That's above the company's initial IPO price range of $76 to $84.

In its initial trading, Ibotta stock opened at $117.59 per share, representing a gain of 34% and lending it a valuation of more than $3.5 billion.

Ibotta is a digital marketing company that offers digital coupons through its smartphone app.

The company offers consumers cash-back rewards when they spend money at certain retailers. Ibotta charges retail companies to offer digital coupons on their app. The company has more than 50 million registered users, according to its S-1 filing.

Walmart inked a strategic partnership deal with Ibotta in 2021 and is an investor in the company. Ibotta has been profitable for nearly two full years and Leach said he was initially considering an IPO in 2021, but didn't want his company to be lumped in with all of the unprofitable SPAC companies.

Ibotta trades on the Nasdaq exchange under the ticker symbol "IBTA."