Payments startup Marqeta valued at over $17 bln in Nasdaq debut
Shares of Marqeta Inc (MQ.O), which provides payments services to customers including Uber Technologies Inc (UBER.N) and DoorDashInc, rose more than 20% in their Nasdaq debut, giving the firm a market capitalization of over $17.2 billion.
The financial technology startup’s stock opened at $32.50 on Wednesday, compared with its initial public offering (IPO) price of $27 per share. Marqeta’s 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. It had previously been backed by investors including Uber, Goldman Sachs Group Inc and Visa Inc (V.N).
“This is a generational company and we wanted to have a more traditional…