Payments Processor Marqeta Climbs After $1.23 Billion IPO

SourceYahoo News
SectorFinancial Markets
CountryMiddle east

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Crystal Tse and Katie RoofJune 9, 2021, 12:45 PM·2 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.

(Bloomberg) — Marqeta Inc., an online card and payment processing company, rose as much as 21% in its trading debut after raising $1.23 billion in an initial public offering priced above a marketed range.

Shares of the Oakland, California-based company were up 11.4% to $30.09 at 3:41 p.m. Wednesday in New York trading, giving it a market value of about $16 billion. Diluted to include holdings such as stock options, Marqeta’s value rises to more than $16.7 billion.

Marqeta sold 45.5 million shares for $27 apiece on Tuesday after marketing them for $20 to $24.

Founded in 2010 by PropertyBridge co-founder Jason Gardner, Marqeta offers physical and virtual debit, credit and prepaid cards.

Its IPO follows a wave of listings in the past year by financial technology businesses.

“The reason there’s a flurry of...read more...