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Walmart-backed Ibotta looks to raise $551 million in upsized US IPO

(Reuters) -Ibotta, the digital marketing company backed by Walmart, said on Tuesday it was looking to raise about $551 million in an upsized initial public offering in the United States.

The company and some of its existing shareholders plan to sell a combined 6.56 million shares, nearly one million more than its previous offering after some selling investors decided to offer more stock.

The company is seeking a valuation of $2.55 billion and sell 2.5 million shares and the stock offering is expected to be priced between $76 and $84 apiece.

Increased buzz around artificial intelligence and hopes of rebound in U.S. IPO market from a two-year slump on the back of possible soft landing for the economy have encouraged more tech companies to test the IPO waters.

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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.

Ibotta will list on the New York Stock Exchange under ticker symbol "IBTA".

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Arun Koyyur)