Shares of Marqeta Inc (MQ.O), which counts Uber Technologies Inc (UBER.N) and hedge fund Coatue among its investors, rose more than 20% in their Nasdaq debut, giving the payments startup a market capitalization of over $17.2 billion.
Marqeta stock opened at $32.50 on Wednesday, compared with its initial public offering price (IPO) of $27 per share. Its IPO was priced well above its target price range of $20 to $24 per share.
The Oakland, California-based company sold 45.45 million shares in its IPO, raising about $1.2 billion.
Payments companies that facilitate virtual transactions have benefited immensely during the COVID-19 pandemic that has lifted online shopping and spending on food-deliveries.
A number of payments startups, such as Flywire (FLYW.O) and Paymentus (PAY.N), have gone public in recent weeks.
Another payments provider, Uruguay’s DLocal Ltd (DLO.O), saw it shares jump nearly 48% in...read more...