Square Boosts Expected IPO Value Up 47% In Dicey Market
NEW YORK (CBS/AP) -- Square, the six-year-old company known for its white, cube-shaped card readers that plug into smartphones, is boosting its planned initial public offering value by 47 percent in what has become a very rocky market for new companies trying to raise cash.
The San Francisco financial-services startup was founded and is led by Jack Dorsey, who co-founded Twitter and recently returned to lead that company again.
Square Inc. plans to offer just over 31 million shares at $13 apiece for about $403.7 million. Previously, the company had filed regulatory papers for an IPO valued at up to $275 million.
Square helps small businesses process credit card payments and tablet computers, turning them into electronic sales terminals.
Shares will trade under the symbol SQ on the New York Stock Exchange.
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