04:25 PM EDT, 03/22/2024 (MT Newswires) -- Walmart ( WMT )-backed (WMT) Ibotta filed a preliminary prospectus on Friday for an initial public offering.

The prospectus did not indicate the size or pricing of the IPO. The document showed Ibotta generated $320 million in total revenue during 2023, a 52% increase over the prior year, it said.

Walmart ( WMT ) and Ibotta have a multi-year strategic relationship making Ibotta the exclusive provider for rebates on all online and in-store purchases at US Walmart outlets, according to the prospectus.

Walmart ( WMT ) also holds a warrant to buy up to 3.5 million Ibotta shares at an exercise price of $70.12 per share as part of the partnership, the document showed.

Ibotta also has partnerships with Kroger (KR) and Shell (SHEL), among others, the company said in its prospectus.

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