On Wednesday, Marqeta Inc., a California-based 10-year old IT service management startup that provides payment services to a swathe of high-profile corporate customers including DoorDash Inc alongside Uber Technologies Inc., soared more than 20 per cent at its Nasdaq debut, valuing the firm as much as $17 billion.
Apart from that, Marqeta Inc’s upbeat Nasdaq debut that marked off a strong appetite for tech stocks in the Wall Street, followed an initial offerings a day earlier, while the Oakland, California-headquartered IT service management startup had sold off 45.45 million American Depository Shares (ADS) at $27 apiece, well above its target range between $20 to $24 per share, raising as many as $1.2 billion.
On top of that, the Oakland-based fintech start-up had opened up Wednesday’s market about 20 per cent higher to $32.50, coffering up a market cap of $17.2 billion as beforementioned, however, following a late-afternoon sell-off wave, shares’ prices of Marqeta Inc.
had wrapped up the day about 4 per cent higher to $29.14 per share.
Californian fintech firm Marqeta values $17.2 billion in Nasdaq debut
Aside from that, despite a persistent rotation between cyclicals and tech-stocks over recent months amid an uncertain US labour market outlook with surging materials’ prices, spurring up fears of a higher inflation that could prompt the US Fed to taper off fiscal support for a rapidly healing US economy, Marqeta Inc’s robust Nasdaq debut had led to analysts’ belief that the US IPO market had still been hovering at its strongest in more than half a decade.
Meanwhile, citing a through and through optimism over Marqeta Inc’s maverick market debut, founder and Chief Executive of the payment processor, Jason Gardner said late in the day, “This is a generational company and we wanted to have a more traditional process of going public,” adding that the company had never envisioned a public listing either through an SPAC merger or a direct listing.