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June 9, 2021, 12:40 p.m. EDT

Marqeta stock surges out of the gate, opening 20% above IPO price

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By Tomi Kilgore

Investors cheered Marqeta Inc.'s public debut on Wednesday, as the stock opened 20.4% above the initial price. The payment card-issuing technology company's said late Tuesday that its IPO priced at $27 a share, above the expected range of between $20 and $24 a share, as the company raised $1.22 billion and fetched a valuation of more than $14 billion. The stock's first trade was at $32.50 at 12:32 p.m. Eastern for about 5 million shares. It has pared some of those gains since the open, and was recently up 16.3% at $31.42, to value the company at about about $16.7 billion. The stock's debut rally comes on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +1.54% slipped 0.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.98% edged up 0.1%.

/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 68.37
+1.04 +1.54%
Volume: 89,943
Oct. 28, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,596.42
+44.74 +0.98%
Volume: 2.18B
Oct. 28, 2021 5:07p
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