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June 9, 2021, 7:43 a.m. EDT

Marqeta prices IPO at $27, valuing company around $15 billion

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By Wallace Witkowski

Marqeta Inc. priced its initial public offering at $27 a share late Tuesday, well above its expected range.

Marqeta /zigman2/quotes/227203754/composite MQ -0.04% shares are scheduled to begin trading Wednesday on the Nasdaq under the ticker “MQ.”

The company had estimated shares to be priced between $20 and $24 apiece. With 45 million Class A shares, that would raise about $1.2 billion at $27 a share.

Read: Marqeta IPO: 5 things to know about the fintech company serving Square, DoorDash and others

Underwriters, led by Goldman Sachs, JP Morgan and other underwriters will have the option for an additional 6.8 million shares to cover overallotments. Should all options be exercised, that would give Marqeta a valuation of about $15 billion at 537 million shares total.

The Oakland, Calif.-based company, which provides payments infrastructure services, derives a whopping 70% of its revenue from its largest customer, Square Inc. /zigman2/quotes/205989440/composite SQ +3.81% , and competes with companies like privately held Stripe Inc.

/zigman2/quotes/227203754/composite
US : U.S.: Nasdaq
$ 27.47
-0.01 -0.04%
Volume: 3.07M
Oct. 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$14.82 billion
Rev. per Employee
$570,318
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/zigman2/quotes/205989440/composite
US : U.S.: NYSE
$ 265.08
+9.73 +3.81%
Volume: 7.00M
Oct. 21, 2021 4:00p
P/E Ratio
234.94
Dividend Yield
N/A
Market Cap
$117.97 billion
Rev. per Employee
$1.73M
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