Payments startup Marqeta valued at over $17 billion in Nasdaq debut
(Reuters) – Shares of Marqeta Inc, which counts Uber Technologies Inc and hedge fund Coatue amongst its consumers, rose better than 20% in their Nasdaq debut, giving the funds startup a market capitalization of over $17.2 billion.
Marqeta stock opened at $32.50 on Wednesday, in distinction with its preliminary public offering price (IPO) of $27 per share. Its IPO was priced successfully above its aim price range of $20 to $24 per share.
The Oakland, California-based agency purchased 45.45 million shares in its IPO, elevating about $1.2 billion.
Payments companies that facilitate digital transactions have benefited immensely by way of the COVID-19 pandemic that has lifted on-line shopping for and spending on food-deliveries. Quite plenty of funds startups, much like Flywire and Paymentus, have gone public in present weeks.
Another funds …