Square Prices Its Initial Public Offering at Level Lower Than Earlier Indicated
Mobile payment startup Square Inc priced its initial public offering (IPO) at a level lower than what it indicated earlier. As per some analysts, the company’s debut on the stock exchange will help known how public markets will evaluate high-profile private startups.
Online dating company Match Group has also faced investor jitters on Wednesday after it announced that it had priced its IPO of over 33 million shares at$12 per share.
Shares of the operator of Tinder and other dating products are expected to start trading Thursday on the NASDAQ Global Select Stock Market.
The San Francisco based Square Inc will be pricing 27 million shares at $9 per share, which is lower than what it indicated. It said that it was targeting $11 to $13 price in a filing earlier this month to the US Securities and Exchange Commission.
The IPO price also provided square a valuation of $2.9 billion, which is far lower than its $6 billion valuation when it raised funds privately last year, according to the New York Times.
It is expected that shares of the company will start trading on Thursday on the New York Stock Exchange under the symbol ‘SQ.’ and the offering is expected to close on November 24.
Square which was started in 2009 generates transaction revenue as a percentage of transaction volumes through the merchants. It also offers other services like its food delivery service Caviar and its cash advance service Square Capital.
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