U.S. payments startup Marqeta (MQ.O), which counts the likes of Uberand hedge fund Coatue among existing backers, on Tuesday priced its initial public offering (IPO) well above the target range to raise $1.2 billion, the company said in a statement.
Marqeta sold 45.45 million shares at $27 per share. It had earlier set a price range of $20 to $24 a share.
On a fully diluted basis, which includes securities such as stock options and restricted stock units, Marqeta is currently valued at $15.23 billion, based on its IPO price.
The company had been valued at $4.3 billion when it raised $150 million from investors in May last year. Excluding employee stock options, Marqeta will have a market capitalization of $14.3 billion.