Mobile payment company, Square, which is considered a pioneer in the crowded mobile payments market, has made its debut on the New York Stock Exchange. The company had priced its IPO at $9 a share, below the expected price, and valued the company at just under $3bn however, last year, investors valued the company, co-founded by Jack Dorsey, at $6bn. The marked-down IPO price raised questions about the prospects of other 'unicorns'; start-ups valued over $1bn, and highlights a tough market for tech IPOs. In an interview with CNBC, Dorsey said that he was not surprised to see his firm listed on the NYSE but added that it would be interesting to see how many others were listed.
Mobile payment company, Square, which is considered a pioneer in the crowded mobile payments market, has made its debut on the New York Stock Exchange. The company had priced its IPO at $9 a share, below the expected price, and valued the company at just under $3bn however, last year, investors valued the company, co-founded by Jack Dorsey, at $6bn. The marked-down IPO price raised questions about the prospects of other 'unicorns'; start-ups valued over $1bn, and highlights a tough market for tech IPOs. Nevertheless, Square's stock began trading at $11.20 and has made a strong start, surging to $13.68 per share as at 11a.m. EST today, up over 50% from its IPO price.