Doordash Stock- U.S. payments startup Marqeta eyes over $12 billion valuation in U.S. IPO
(Reuters) – Payments startup Marqeta Inc is aiming for a valuation of more than $12 billion in its U.S. initial public offering (IPO), capitalizing on a boom in online shopping and food-delivery transactions during the COVID-19 pandemic.
The company plans to sell about 45.4 million shares priced at between $20.00 and $24.00 apiece, according to a regulatory filing on Tuesday. It would raise over $1 billion at the top end of the range.
Marqeta, which helps companies issue credit and debit cards to their staff, previously disclosed that its revenue jumped more than two-fold to $290.3 million in 2020 as homebound customers shopped more online.
The company, whose customers include Uber Technologies and food delivery company DoorDash Inc, doubled its valuation to $4.3 billion in May last year when it raised $150 million in funding.
The Oakland, California-based startup’s platform offers a feature called “Just-In-Time Funding” that circumvents the need to maintain sufficient balances for each cardholder transaction. Funds are automatically transferred into the account at the time of the transaction.
Marqeta had confidentially submitted paperwork for its listing in February, Reuters had reported earlier.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni)