Mobile payment company, Square, which is considered a pioneer in the crowded mobile payments market, has made its debut on Caviar. 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.
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.