Oakland, California-based card issuing platform Marqeta has priced its IPO above the marketed range to raise $1.2bn.
The firm sold 45.5 million shares for $27 each. Previously, the firm had set a range for the shares at $20 to $24 apiece.
The firm will have a market capitalisation of $14.3bn, excluding employee stock options.
Its diluted value, comprising options, restricted stock units and warrants, stands at ar at least $15 billion.
Goldman Sachs and JPMorgan are the lead book-running managers for the offering while Citigroup, Barclays, William Blair and KeyBanc Capital Markets are the book-running managers.
Nomura, HSBC, R. Seelaus & Co., and Siebert Williams Shank are the co-managers.
In a statement, the card issuing platform said: “Marqeta’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “MQ” on June 9, 2021.
“The offering is expected to close on June 11, 2021, subject to customary closing conditions.”
Marqeta’s client base includes Uber Technologies, Doordash, and Square, among others.
Developments at Marqeta
In May 2020, Marqeta secured an additional $150m funding for product development as well as international expansion, which pushed its valuation to $4.3bn.
Marqeta reportedly filed confidentially with the US Securities and Exchange Commission (SEC) for an IPO in February this year.
In the same month, the firm also entered the consumer credit card market, thereby completing its feature set that already includes prepaid and debit card issuing.
Last month, Marqeta collaborated with Australian financial technology Afterpay to introduce virtual cards under its in-store solution in Australia and New Zealand markets.
In March 2021, Marqeta was selected by Mastercard to join its Fintech Express programme. The two parties aim to work together “to co-innovate in the field of banking technology in Europe and across the world”.