15:23 | 22 February 2021
U.S. payment card startup Marqeta Inc. confidentially filed for an initial public offering (IPO) with the Securities and Exchange Commission on Tuesday, Feb. 16.
Marqeta will wait for a response from the Securities and Exchange Commission and hopes to complete the IPO as early as April. At the moment this issue is a private matter. Plans for the IPO depend on market conditions.
The company is hoping for a post-IPO valuation of $10 billion. The underwriters are Goldman Sachs Group Inc. and JPMorgan Chase & Co.
Marqeta, based in Oakland, California, allows companies to issue credit and debit cards to their employees. The company was positively affected by a surge in online purchases and meal delivery payments processed through its platform as U.S. consumers made purchases from home during the coronavirus outbreak.
Food delivery company DoorDash Inc, a Marqeta customer, went public in December, and its stock price has more than doubled since then.
In May, Marqeta raised $150 million in a private fundraising round, doubling its valuation to $4.3 billion.
In July, reports surfaced that Marqeta was in talks with investment banks to advise on a potential IPO.
At this stage, the company can be purchased on the over-the-counter market (OTC) at $30 per share.
After the company’s IPO, the price may soar by 30% on the first day of trading, but before the IPO, the company may still add in price.
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