Mobile payments company Square plans on pricing its initial public offering at between $11 and $13 a share, according to new filings submitted to the Securities and Exchange Commission on Friday.
The company plans to offer 31 million shares of Square. At its maximum price of $13 a share, the value would reach $403.65 million. In October — when Square first filed the paperwork for its IPO — Square had planned to offer stock valued at $275 million.
Square will trade on the New York Stock Exchange under the ticker symbol “SQ.”
Square is attracting so much attention on Wall Street because its run by Jack Dorsey, who also serves as CEO of social network Twitter. Dorsey accepted a permanent role with Twitter in October. Dorsey, Square’s co-founder — owns a 23.7% stake in the digital payments service.
A big worry for investors is Square’s inability to generate a profit. Last year, Square reported a net loss of $154 million.
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