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Bits Daily Report: Square Names Its I.P.O. Price | One Herald
Home / Technology / Bits Daily Report: Square Names Its I.P.O. Price

Bits Daily Report: Square Names Its I.P.O. Price

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For many young companies, the potential of being valued at $ 2.9 billion by Wall Street investors would be a good thing. But when you already have been valued by private investors at $ 6 billion — at least on paper — it might be a bit of a comedown.

That’s the dilemma facing Square, the still-unprofitable e-commerce start-up co-founded by Jack Dorsey, who is also a co-founder and the current chief executive of the messaging service Twitter. (Mr. Dorsey is a busy man.)

Square on Thursday plans to start selling shares of the company in its long-anticipated initial public offering. The shares will initially be sold at $ 9 a piece, below the $ 11 to $ 13 share price the company had been marketing to investors.

That San Francisco-based Square, one of the more than 140 so-called private tech unicorns valued at more than $ 1 billion, did not generate as much enthusiasm as had been hoped may not surprise many who have been following Wall Street’s behavior toward tech stocks.

Unlike during the dot-com boom, public investors in recent years have been careful around tech. Young companies like Box that have gone public over the last year have also seen their public value dip well below what private investors believed them to be worth.

Even giants like Apple and Google, which generate billions in profits per quarter, over the last year had temporary setbacks in their share prices when they failed to to live up to investors’ lofty expectations. Both have since rebounded, and Google, in fact, is now trading near its 52-week high. Big profits, it seems, are still impressive.

But the for little guys, particularly the unprofitable, ones, Wall Street appears to be offering a tough reality check.

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