News: Value down on previous private round of funding.
Square, the payment firm founded by Twitter CEO Jack Dorsey, has set its IPO price.
In a document filed with the US Securities and Exchange Commission, the firm set a price range for its shares of between $11 and $13. It will sell 27m shares.
This would value the company at $4.19bn, which is much less than the valuation during its last private round of funding, which valued the firm at $15.46 a share.
In the documentation the firm says "we currently generate approximately 95% of our revenue from payments and point-of-sale (POS) services". For the first nine months of 2015 it generated $892.8m in total revenue, making a net loss of $131.5m.
Dorsey returned to the helm Twitter, the social media giant that he co-founded, at the start of last month, despite initial indications that he would not get the job due to his ongoing leadership of Square.