Marqeta, which provides an open API platform for card issuing and digital payments, announced terms for its IPO on Tuesday.
The Oakland, CA-based company plans to raise $1.0 billion by offering 45.5 million shares at a price range of $20 to $24. At the midpoint of the proposed range, Marqeta would command a fully diluted market value of $12.4 billion.
The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. The company's customers include Affirm (AFRM), DoorDash (DASH), Instacart, Klarna, and Square (SQ). During the quarter ended 3/31/2021, revenue increased 123% to $108 million. Gross margin rose to 46% and adjusted EBITDA margin swung positive to 2%.
Marqeta was founded in 2010 and booked $350 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol MQ. Goldman Sachs, J.P. Morgan, Citi, Barclays, William Blair, and KeyBanc Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 7, 2021.
