ZEEKR Intelligent Technology Holding Limited (ZK Proposed), a battery-operated passenger EV manufacturer in China, disclosed terms for its $341 million IPO and launched the deal after the closing bell on Friday, May 3, 2024. The terms call for ZEEKR to offer 17.5 million American Depositary Shares (ADS) at a price range of $18.00 to $21.00 each to raise $341.25 million, if priced at the $19.50 mid-point. Each ADS equals 10 ordinary shares, the prospectus says.

Geely Auto of China is spinning off ZEEKR in this IPO.

Goldman Sachs and Morgan Stanley are leading the team of joint book-runners, which includes BofA Securities and CICC.

ZEEKR Intelligent Technology Holding Limited (ZK Proposed), based in Zhejiang, China, manufactures a product portfolio of battery-operated  passenger EVs that includes ZEEKR 001, its first vehicle model –  a five-seater cross over hatchback vehicle ; ZEEKR 009, its second model, a luxury six-seater model for families and businesses, and ZEEKR X, a compact SUV model.

The company is not profitable. ZEEKR reported a net loss of $1.19 billion on revenue of $6.09 billion for the 12 months that ended June 30, 2023.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

First SPAC IPO of May:  Michael Klein’s SPAC IPO – Churchill Capital Corp. IX/Cayman (CCIXU) was priced Wednesday night, May 1, 2024, to trade today – Thursday, May 2 – on the NASDAQ. Churchill Capital Corp. IX priced its SPAC IPO in sync with the terms in its prospectus: 25.0 million units at $10.00 each to raise $250.0 million. Each unit consists of one Class A ordinary share and one-fourth of a warrant.

Churchill Capital IX shares opened at $10.07 – up 7 cents – on volume of about 1.4 million shares in its NASDAQ debut at 11:14 a.m. EDT today – Thursday, May 2, 2024. The stock’s session high so far is $10.08. Shortly after noon, Churchill Capital IX shares traded at $10.06, their session low so far.

Citigroup was the sole book-runner.

The SPAC IPO market had been quiet since late March.

Churchill Capital Corp. IX, incorporated in the Cayman Islands, did not say that it would focus on a target industry or sector in its prospectus.

This SPAC created some buzz in the IPO market due to its pedigree – backing from former Citi banker Michael Klein.

Viking Holdings Ltd. (VIK) priced its upsized IPO at $24.00 – $1.00 below the top of its $21.00-to-$25.00 range – on Tuesday night (April 30, 2024). Viking, the Bermuda parent of the upscale cruise line, sold 64.04 million shares – up from 53.04 million shares – at $24.00 each to raise  $1.54 billion ($1,536.96 million). Viking’s IPO kicked off the month of May with its debut today – Wednesday, May 1, 2024 – on the New York Stock Exchange. (Updates column with Viking’s debut on the NYSE) 

Viking’s stock opened at $26.15  – up $2.15 for a gain of 8.96 percent – when it started trading today (May 1) at around 12:50 p.m. EDT on the NYSE. Viking’s stock rose to $26.33 – up 9.71 percent from its $24.00 IPO price – on volume of about 13.2 million shares at around 1:10 p.m. EDT on Wednesday.

Shares of Viking closed Wednesday at $26.10 – up $2.10 for a gain of 8.75 percent – on volume of about 35.0 million shares in its first day of NYSE trading.

BofA Securities and J.P. Morgan served as the lead joint book-runners. UBS Investment Bank and Wells Fargo Securities acted as lead book-running managers. HSBC and Morgan Stanley served as book-runners for the IPO.

Viking’s IPO was upsized twice in two days:

• At pricing Tuesday night, the size was increased to 64.04 million shares – with 53.04 million shares coming from the selling shareholders TPG, the private equity firm, and CPP Investments, the Canada Pension Plan Board’s investing arm.

• Early Monday morning, Viking’s IPO was raised to 53.04 million shares – with 42 million shares coming from the selling shareholders TPG and CPP Investments.

• The IPO’s initial size was 44.0 million shares – with 33.0 million shares coming from the selling shareholders TPG and CPP Investments.

• To recap, the selling shareholders TPG and CPP Investments added 20 million shares to their part of the IPO – from the terms of the initial filing to the deal’s size at pricing.

Viking offered only 11.0 million shares in the IPO. The company will not receive any proceeds from the sale of the selling shareholders’ stock.

The selling shareholders’ decision to increase their part of the deal is understandable, the IPO pros say.

TPG, the private equity powerhouse, had stepped in to help Viking weather the pandemic storm.

“Private equity wants to get paid,” a veteran IPO player says.

Cornerstone investor Norges Bank Investment Management, a division of Norges Bank, indicated an interest in buying up to $100 million of stock in the IPO, according to the SEC filing. That amounts to about 6.5 percent of the IPO.

Viking Holdings Ltd. (VIK Proposed), based in Pembroke, Bermuda, caters to an upscale clientele ages 55 and up. The company, founded in 1997 with four river vessels, now operates “a fleet of 92 small state-of-the-art ships, which we view as floating hotels,” the prospectus says. Viking’s cruise offerings include Mississippi River cruises, European river cruises and ocean voyages.

As part of its appeal to affluent Baby Boomers (born in the years 1946 through 1964), Viking posts on its website a list of what you won’t see on a Viking cruise. That list includes “No children under 18” and “No casinos.”

Viking is not profitable. The company reported a net loss of $1.86 billion on revenue of $4.71 billion for the year that ended Dec. 31, 2023.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

 Viking Holdings Ltd. (VIK Proposed), the Bermuda cruise line, increased the size of its IPO to 53.0 million shares – up 20.5 percent from its initial size at  44.0 million shares – early today – Monday, April 29, 2024. The IPO’s price range was kept the same – at $21.00 to $25.00 – according to the F-1/A filing. Under the new terms, Viking’s IPO is expected to raise $1.22 billion ($1,219.0 million). Viking’s IPO is set for pricing tomorrow night to trade Wednesday, May 1, 2024, on the New York Stock Exchange.

Selling shareholders raised their portion of the IPO to offer 42.0  million shares – up from 33.0 million under the original terms.

Viking is offering only 11.0 million shares – sticking with the IPO’s original terms for its part of the deal. Viking will not receive any of the proceeds from the sale of the selling shareholders’ stock.

BofA Securities and J.P. Morgan are leading the joint book-runners’ team, which includes UBS Investment Bank, Wells Fargo Securities, HSBC and Morgan Stanley. The co-managers’ team includes Rothschild & Co., Stifel, Drexel Hamilton, Loop Capital Markets and R. Seelaus, according to the prospectus.

Viking Holdings Ltd. (VIK Proposed), based in Pembroke, Bermuda, caters to an upscale clientele in their 50s and up.  The company, founded in 1997 with four river vessels, now operates “a fleet of 92 small state-of-the-art ships, which we view as floating hotels,” the prospectus says.

Viking is not profitable, according to the prospectus. The company reported a net loss of $1.86 billion on revenue of $4.71 billion for 2023.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

(Updates The IPO Buzz column, initially published Wednesday night, April 24, 2024, with more information on Thursday, April 25, the first day of trading)

Up is a golden word on Wall Street. Rubrik (RBRK), the Microsoft-backed cybersecurity data company, and Loar Holdings (LOAR), an aviation parts manufacturer, priced their IPOs above the range last night – ahead of their debuts today – Thursday, April 25, 2024 – on the New York Stock Exchange:

*Rubrik priced its IPO at $32.00 – $1.00 above the high end of its $28.00-to-$31.00 range – and sold a little more stock – 23.5 million shares – up 500,000 shares from the amount in the prospectus – to raise $752 million on Wednesday night (April 24, 2024).

*Loar priced its IPO at $28.00 – $2.00 above the high end of its $24.00-to-$26.00 range – and sold 11.0 million shares – the number in the prospectus – to raise $308.0 million on Wednesday night (April 24, 2024).

Marex Group plc (MRX), the London clearing and commodity futures firm, went its own way – pricing its IPO at $19.00 – just below the $19.50 mid-point of its $18.00-to-$21.00 range – on Wednesday night. Marex sold 15.4 million shares – the number in the prospectus – at $19.00 to raise $292.31 million in its IPO last night (April 24, 2024).

Rubrik’s stock opened at $38.60 – up $6.60 for a gain of 20.63 percent – on the NYSE in early afternoon trading.

Loar’s shares shot up 60.7 percent to open today at $45.00 on the NYSE.  That represented a $17.00 gain from its IPO price. Volume was about 2.5 million shares.

Marex Group’s stock gained 50 cents or 2.63 percent to open at $19.50 on the NASDAQ at 12:06 p.m. EDT today on volume of nearly 1.1 million shares. 

All three IPOs defied gravity to open higher – in the face of today’s sharp sell-off in the overall stock market.

Of the three newly minted public companies, Marex is the only NASDAQ listing – and the only one in this trio to report a profit for 2023.

Bankers raised a combined $1.35 billion in the pricing of these three IPOs on Wednesday night, April 24, 2024  – just as the month is winding down.

Rubrik in the Sun

For Rubrik, Wednesday night’s IPO pricing marked a moment that the tech unicorn’s fans had been waiting for – for years. The Silicon Valley data security company’s IPO rode the wave of enthusiasm for AI and cybersecurity – setting the stage for bankers to price the data security company’s IPO at $32.00 – $1.00 above its range. The size of Rubrik’s IPO was increased slightly – by a half million shares – resulting in 23.5 million shares priced at $32.00 – to raise $752 million on Wednesday night (April 24, 2024).

Goldman Sachs and Barclays led Rubrik’s team of joint book-runners, which included Citigroup, Wells Fargo Securities, Guggenheim Securities, Mizuho, Trust Securities, BMO Capital Markets and Deutsche Bank Securities. 

Rubrik, founded in January 2014, is not profitable. But its subscription ARR (annual recurring revenue) rose 47 percent in its fiscal 2024 (the year ending Jan. 31, 2024) to $784.0 million – up from $532.9 million in fiscal 2023, the Palo Alto, California-based company says in the prospectus. Total revenue also rose during the same period – to  $627.9 million in fiscal 2024 (the year ended Jan. 31, 2024) – up from $599.8 million in fiscal 2023. Rubrik’s net loss also grew – to a net loss of $354.2 million in fiscal 2024 – wider than its net loss of $277.7 million in fiscal 2023.  

As of Jan. 31, 2024, the end of Rubrik’s fiscal 2024, Rubrik served more than 6,100 customers, up from over 5,000 customers as of Jan. 31, 2023, the prospectus says.

“Organizations around the world rely on Rubrik to achieve business resilience in the face of cyberattacks, malicious insiders, and operational disruptions,” Rubrik says in the prospectus.

Rubrik’s technology alliance partnership with Microsoft is one of its strengths. In 2021, Microsoft invested an undisclosed sum in Rubrik that reportedly was in the tens of millions of dollars. In the prospectus, Rubrik says that “through our alliance with Microsoft Corporation, and along with our mutual go-to-market obligations, we have committed to spend $220 million over the course of up to 10 years for the use of Azure for our data security solutions and preferentially offer public cloud functionality for Azure to our customers.” Azure is a cloud computing platform developed by Microsoft.

Loar Takes Off

Up is the word of the night. Loar Holdings (LOAR) priced its IPO at $28.00 – $2.00 above the top of its range – on 11.0 million shares – the number in the prospectus – to raise $308.0 million on Wednesday night, April 24, 2024. The aviation parts manufacturer’s stock is expected to start trading on Thursday, April 25, on the New York Stock Exchange. Loar – at the $28 IPO price – has a market cap of about $2.5 billion.

Loar was one of three big IPOs priced on Wednesday night. All told, New York bankers raised $1.35 billion by pricing the IPOs of Loar, Rubrik (RBRK) and Marex Group plc (MRK) on Wednesday evening, April 24, 2024.

Jefferies and Morgan Stanley led the Loar joint book-runners’ team, which included Citigroup, Moelis & Co. and RBC Capital Markets.

Loar’s pricing news followed a scoop by CNBC earlier tonight that tech unicorn Rubrik (RBRK), a cloud and AI-driven data security company backed by Microsoft, priced its IPO at $32.00 – $1.00 above the top of its range.

Rubrik announced its IPO pricing details later in the evening: Its IPO was slightly upsized to 23.5 million shares – up from 23.0 million in the prospectus – and priced at $32.00 – $1.00 above the high end of its $28.00-to-$31.00 range – to raise $752 million on Wednesday night (April 24, 2024). Rubrik’s stock is expected to start trading on Thursday, April 25, on the NYSE.    

Sail on: Viking Holdings Ltd.  (VIK Proposed) of Bermuda unveiled the terms for its $1.01 billion IPO early today – Monday, April 22, 2024 – and launched the deal with plans to price it next week. Viking’s IPO consists of 44.0 million shares at a price range of $21.00 to $25.00 to raise $1.01 billion, if priced at the $23.00 mid-point. This is a New York Stock Exchange listing.

Of the 44.0 million shares in the IPO, Viking is offering 11.0 million shares and two selling shareholders – private equity firm TPG and CPP Investments, the Canada Pension Plan’s investment arm – are offering 33.0 million shares. Viking will not receive any proceeds from the sale of the selling stockholders’ shares.

Viking Holdings Ltd. would have a market cap of $9.92 billion, which rounds up nicely to $10.0 billion. That projected market cap assumes that the IPO is priced at the $23.00 mid-point of its range.

BofA Securities and J.P. Morgan are leading the joint book-runners’ team, which includes UBS Investment Bank, Wells Fargo Securities, HSBC and Morgan Stanley. The co-managers’ team includes Rothschild & Co., Stifel, Drexel Hamilton, Loop Capital Markets and R. Seelaus, according to the prospectus.

The Viking IPO is expected to price next week. Please see the IPO Calendar.

Viking Holdings Ltd. was not profitable for the year that ended Dec. 31, 2023, according to the prospectus: The company reported a net loss of $1.86 billion on revenue of $4.71 billion for the year 2023.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

Tungray Technologies (TRSG) doubled its $4.00 IPO price – and kept on climbing – to score a moonshot today (Friday, April 19, 2024) during its first day of trading  on the NASDAQ. Shares of Tungray traded at $9.51 at 11:23 a.m. EDT on the NASDAQ on volume of 905,671 shares. Tungray opened today at $6.58 – up $2.58 from its IPO price – at 10:20 a.m. EDT on volume of about 34,500 shares.

Tungray priced its IPO of just 1.25 million shares at $4.00 on Thursday night, April 18, 2024, to raise $5.0 million.

US Tiger Brokers served as the sole book-runner.

Tungray, based in Singapore, provides customized industrial manufacturing solutions to Original Equipment Manufacturers (“OEMS”) in the semiconductor, printer, electronics and home appliances sectors. Tungray describes itself as “an engineer-to-order (“ETO”) company, the prospectus says.

The Cayman Islands-incorporated holding company offered the stock  in the IPO – and not the underlying business.

Singapore is Tungray’s main development and factory location. The company also has manufacturing bases in China, in Qingdao and Shenzhen, the prospectus says.

Tungray is profitable, according to the prospectus. For the 12 months that ended June 30, 2023, Tungray reported net income of $1.51 million on revenue of $13.21 million.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

Centuri Holdings, Inc. (CTRI), a unit of Southwest Gas Holdings Inc. (SWX), priced its IPO at $21.00 – the top of its $18.00-to-$21.00 range – on Wednesday night (April 17, 2024) and sold 12.4 million shares – the number in the prospectus – to raise $260.4 million. Shares of Centuri shot up 13.1 percent to open at $23.75 – up $2.75 from their IPO price – at around 11:49 a.m. EDT on Thursday (April 18, 2024) in their debut on the New York Stock Exchange. (Editor’s Note: This column, initially published Wednesday night, April 17, 2024, was updated on Thursday, April 18, with news on Centuri’s debut on the NYSE.)

UBS Investment Bank, BofA Securities,  J.P. Morgan and Wells Fargo Securities were the joint book-runners.

“This is a plain vanilla deal with maybe a little extra chocolate sauce on top,” a veteran IPO trader says. “It should work.”

IPO investors like Carl Icahn’s connection to the deal. Two Icahn limited partnerships had agreed to buy 2.59 million shares at a price equal to the IPO price in a concurrent private placement, the prospectus says.

Southwest Gas Holdings Inc. (SWX), the parent of Centuri Holdings, sold all the shares in the IPO. After the IPO and the concurrent private placement, Southwest Gas Holdings will still own about 82.7 percent of Centuri’s outstanding stock, the prospectus says.

Centuri Holdings, based in Phoenix, is a leading pure-play North American utility infrastructure services company with over 110 years of operating history. Centuri partners with regulated utilities to maintain, upgrade and expand the energy network that powers millions of homes and businesses, the prospectus says.

“We are a leader in utility infrastructure services,” Centuri says in the prospectus.

“Our customers are leading electric, gas and combination utility companies across North America, including American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others,” the prospectus says.

Financial statements in the prospectus show that Centuri reported a net loss of $0.19 million on $2.9 billion of revenue for the fiscal year that ended Dec. 31, 2023.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.

Ibotta (IBTA) priced its IPO at $88.00 – $4.00 above its $76.00-to-$84.00 range – on Wednesday night (April 17, 2024) on 6.56 million shares – the number of shares in the recently  upsized deal’s prospectus. Ibotta’s IPO raised $577.28 million. That price – $88.00 – confirmed the red-hot buzz swirling around the Denver-based digital ad platform’s IPO this week. (Editors’ Note: This column was updated early Thursday afternoon (April 18, 2024) to include the NYSE debut of Ibotta’s stock. The column was initially published Wednesday night (April 17, 2024).)

Goldman Sachs, Citigroup, BofA Securities, Evercore ISI, UBS Investment Bank and Wells Fargo Securities were the joint book-runners.

Ibotta’s stock skyrocketed to open at $117.00 in its New York Stock Exchange debut early Thursday afternoon (April 18, 2024). By about 2 p.m. EDT, Ibotta had cooled off a little – trading at $99.99, up 13.63 percent from its IPO price of $88.00, on volume of about 2.71 million shares.

Allocations were expected to be minuscule – except for institutional investors ranked among the  top accounts at Goldman Sachs.

Ibotta  says it makes money only when a customer’s product promotion results in a sale.

Walmart, Family Dollar (a Dollar Tree subsidiary), Kroger and Shell are among Ibotta’s clients, the prospectus says.

“We work directly with over 850 different clients, representing over 2,400 different CPG brands to source exclusive offers as of Dec. 31, 2023,” Ibotta says in the prospectus. “Most of our offers cover products in non-discretionary categories, such as grocery, but we also work with general merchandise manufacturers in categories such as toys, clothing, beauty, electronics, pet, home goods, and sporting goods. Over time, our clients have generally ramped up their spend with us, and they rarely drop off our network. In fact, of our top 100 clients, 96 percent were retained from 2022 to 2023.”

Ibotta says its technology platform “uses an Artificial Intelligence (AI)-enabled offer engine that is designed to match and distribute the right offer to the right consumer at the right time.”

For the year ended Dec. 31, 2023, Ibotta swung to a profit from a year-earlier loss, according to the prospectus.

Ibotta earned net income of $38.1 million on revenue of $320.0 million for 2023, the prospectus shows.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. 

Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. 

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.