Square, which offers a mobile payment service with credit card readers for phones and tablets, announced terms for its IPO on Friday.
The San Francisco, CA-based company plans to raise $324 million by offering 27 million shares (5% insider) at a price range of $11 to $13. At the midpoint of the proposed range, Square would command a fully diluted market value of $4.4 billion, far below the company's last funding round.
The selling shareholder, CEO Jack Dorsey's charitable Start Small Foundation, will float 5% of IPO shares, available to Square Cash customers.
Square was founded in 2009 and booked $1.1 billion in sales for the 12 months ended September 30, 2015. It plans to list on the NYSE under the symbol SQ. Goldman Sachs, Morgan Stanley, J.P. Morgan, Barclays, Deutsche Bank, Jefferies, RBC Capital Markets and Stifel are the joint bookrunners on the deal. It is expected to price during the week of November 16, 2015.
