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Marqeta stock surges out of the gate, opening 20% above IPO price

Investors cheered Marqeta Inc.’s public debut on Wednesday, as the stock opened 20.4% above the initial price. The payment card-issuing technology company’s said late Tuesday that its IPO priced at $27 a share, above the expected range of between $20 and $24 a share, as the company raised $1.22 billion and fetched a valuation of more than $14 billion. The stock’s first trade was at $32.50 at 12:32 p.m. Eastern for about 5 million shares. It has pared some of those gains since the open, and was recently up 16.3% at $31.42, to value the company at about about $16.7 billion. The stock’s debut rally comes on a day that the Renaissance IPO ETF
IPO,
+0.18%

slipped 0.2% and the S&P 500
SPX,
+0.14%

edged up 0.1%.

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