Reuters Walmartbacked digital marketing company Ibotta will likely raise 577.3 million at a valuation of 2.67 billion, after pricing its initial public offering on Wednesday.

It plans to sell 6.6 million shares of its class A common stock at 88 apiece, exceeding its earlier price range of 7684 apiece, Ibotta added.

Increased buzz around artificial intelligence and hopes of a rebound in the U.S. IPO market from a twoyear slump, buoyed by a possible soft landing for the economy have encouraged more tech companies to test the IPO waters.

Ibotta, founded in 2011, provides a platform for brands to deliver promotions to customers and offer cash back rewards on their everyday purchases.

Goldman Sachs, Citigroup Global Markets, and BofA Securities are the lead underwriters for the IPO.

Ibotta will list on the New York Stock Exchange under ticker symbol IBTA, with shares expected to start trading on Thursday.

Reporting by Disha Mishra in Bengaluru; Editing by Rashmi Aich

Source Reuters