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News and Trends / IPO

Square IPO to Value Company at $4.2 Billion

Square IPO to Value Company at $4.2 Billion
Image credit: Entrepreneur
2 min read
This story originally appeared on Reuters

Mobile payments company Square Inc, headed by Twitter Inc Chief Executive Jack Dorsey, said it expects its initial public offering to price at between $11 and $13 per share, valuing the company up to $4.2 billion.

The company, which expects to raise over $403.7 million, had initially set a fundraising target of $275 million when it filed for the offering on Oct. 14.

Square, founded in 2009, was valued at $6 billion after its last funding round a year ago.

Mobile payments company Square Inc, headed by Twitter Inc Chief Executive Jack Dorsey, said it expects its initial public offering to price at between $11 and $13 per share, valuing the company up to $4.2 billion.

The company, which expects to raise over $403.7 million, had initially set a fundraising target of $275 million when it filed for the offering on Oct. 14.

Square, founded in 2009, was valued at $6 billion after its last funding round a year ago.

The San Francisco-based company said in a regulatory filing on Friday it would sell 25.7 million Class A common shares, while selling stockholder Start Small Foundation, a charitable fund created by Dorsey, would sell about 1.35 million.

Neither Twitter nor Square has been clear about how Dorsey will split his time between the two companies – a cause of concern for some investors of both companies.

Goldman Sachs & Co, Morgan Stanley & Co LLC and J.P. Morgan Securities LLC are among 10 firms underwriting the offering.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Saumyadeb Chakrabarty)

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