Is Marqeta targeting to raise $1.2 billion IPO?

News

Ella Jones, Deputy Editor In Chief

Date: 24.06.2021

U.S. payments startup Marqeta (MQ.O), which counts the likes of Uberand hedge fund Coatue among existing backers, on Tuesday priced its initial public offering (IPO) well above the target range to raise $1.2 billion, the company said in a statement.

Marqeta sold 45.45 million shares at $27 per share. It had earlier set a price range of $20 to $24 a share. Marqeta is currently valued at $15.23 billion, based on its IPO price.

The company had been valued at $4.3 billion when it raised $150 million from investors in May last year. Excluding employee stock options, Marqeta will have a market capitalization of $14.3 billion.

Oakland, California-based Marqeta was launched in 2010 and helps companies issue credit and debit cards to their staff. Marqeta customers include Uber Technologies (UBER.N), food delivery company DoorDash Inc (DASH.N) and payment firm Square Inc (SQ.N).

Marqeta's shares are scheduled to start trading on Wednesday on the Nasdaq under the symbol "MQ." Goldman Sachs and J.P. Morgan are the lead underwriters for the offering.

by Ella Jones | Linkedin

#News #IPO #ICO #Marqeta #Wcryptn.com

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