Wednesday, October 14, 2015

Square Files For IPO

San Francisco-based Square has filed for an IPO, saying in a filing on Wednesday that it is looking to raise up to $275M in a public offering on the New York Stock Exchange as SQ. The IPO is being underwritten by Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank Securities, Jeffries, RBC Capital Markets, and Stifel. Square's backers include Khosla Ventures (17.3% ownership before IPO), JP Morgan (5.5%), Sequoia Capital (5.4%), Rizvi Traverse (5.4%), among others. CEO Jack Dorsey owns 24.4% of the company. Square develops a mobile payment system aimed at small businesses and others; the company reported a net loss of $154M on revenues of $850M in 2014.