Marketa Raising $1.2 Billion Ahead of Nasdaq Listing

[Asia Economy Reporter Yujin Cho] Fintech company Marqeta, which is preparing to be listed on the US Nasdaq, announced on the 8th (local time) that its initial public offering (IPO) size will exceed $1.2 billion (about 1.3383 trillion KRW).

According to the listing documents submitted by Marqeta to the US Securities and Exchange Commission (SEC), Marqeta plans to issue a total of 44.45 million common shares at a public offering price of $27 per share, raising up to $1.23 billion, Bloomberg reported.

If this IPO succeeds, Marqeta's corporate value is expected to reach up to $15.23 billion.

Marqeta is a fintech company providing virtual payment infrastructure, with clients including Uber and DoorDash.

Founded in 2010, the company reported revenue of $108 million in the first quarter, approximately doubling compared to the same period last year. The annual net loss last year was $14.5 million, down from $12.8 million the previous year.

Marqeta will begin trading under the ticker symbol 'MQ' on the Nasdaq Global Select Market starting from the 9th.

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