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 at 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 October 14.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":1835030,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"D"}']Square, founded in 2009, was valued at $6 billion after its last funding round a year ago.
The San Francisco, California-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.
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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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