American payment startup Marqeta has filed for an IPO
U.S. payment card startup Marqeta Inc. confidentially filed for an initial public offering (IPO) with the Securities and Exchange Commission on Tuesday, Feb. 16.
Marqeta will wait for a response from the Securities and Exchange Commission and hopes to complete the IPO as early as April. At the moment this issue is a private matter. Plans for the IPO depend on market conditions.
The company is hoping for a post-IPO valuation of $10 billion. The underwriters are Goldman Sachs Group Inc. and JPMorgan Chase & Co.
Marqeta, based in Oakland, California, allows companies to issue credit and debit cards to their employees. The company was positively affected by a surge in online purchases and meal delivery payments processed through its platform as U.S. consumers made purchases from home during the coronavirus outbreak.
Food delivery company DoorDash Inc, a Marqeta customer, went public in December, and its stock price has more than doubled since then.
In May, Marqeta raised $150 million in a private fundraising round, doubling its valuation to $4.3 billion.
In July, reports surfaced that Marqeta was in talks with investment banks to advise on a potential IPO.
At this stage, the company can be purchased on the over-the-counter market (OTC) at $30 per share.
After the company’s IPO, the price may soar by 30% on the first day of trading, but before the IPO, the company may still add in price.