10:01 AM EDT, 04/08/2024 (MT Newswires) -- Walmart ( WMT )-backed (WMT) Ibotta said Monday it is selling 2.5 million class A shares in a US initial public offering while some shareholders are offering about 3.1 million class A shares.

The expected IPO price is between $76 and $84 per share, the company said in a filing with the US Securities and Exchange Commission.

Ibotta plans to list the class A shares on the NYSE under the ticker "IBTA," it said.

Upon completion of the IPO, Ibotta Chief Executive Bryan Leach will have about 70% of the voting power of the company's outstanding capital stock, according to the SEC filing.

The company, which operates a platform that allows brands to deliver promotions to clients, has partnerships with retailers like Walmart ( WMT ) and Dollar General (DG), it said in the filing.

Also, Ibotta issued a share purchase warrant to Walmart ( WMT ) related to the partnership, according to the filing.

Under the terms of the warrant deal, Walmart ( WMT ) has the right to buy up to about 3.5 million shares of Ibotta class A shares at an exercise price of $70.12 per share, except if the shares are priced in the IPO at below $70.12 per share.