Marqeta Inc. (NASDAQ: MQ), an online card and payment processing startup, debuted on Nasdaq as trading began on Wednesday, where shares rose more than 20% after opening at $32.50 per share. Through their IPO, the company was able to raise $1.23 billion after they managed to sell 45.5 million shares.
The company's original initial public offering price was priced at $27 per share, significantly above Marqeta's marketed target price range of $20 - $24 per share. Marqeta's resulting market capitalization now hovers at over $17.2 billion.
The COVID-19 pandemic boosted demand for online shopping and food delivery, greatly benefiting online payment companies and pushing Marqeta towards the top of the payment processing industry, as the company's customers include large corporations such as Uber Technologies, Doordash Inc., and Square Inc.
Marqeta's Q1 revenues for this year also reached $108 million, a 123% increase from 2020’s first quarter revenues.
The company is currently operating in 36 countries, and they plan on potentially pursuing inorganic growth opportunities in the future as they continue to grow rapidly across the globe.