Marqeta, which provides an open API platform for card issuing and digital payments, raised $1.2 billion by offering 45.5 million shares at $27, above the range of $20 to $24. At pricing, the company raised 23% more proceeds than expected and commands a fully diluted market value of $15.4 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).
Marqeta plans to list on the Nasdaq under the symbol MQ. Goldman Sachs, J.P. Morgan, Citi, Barclays, William Blair, and KeyBanc Capital Markets acted as lead managers on the deal.
