Square files for $275 million IPO

Square Inc., the multibillion-dollar mobile payments company founded by native St. Louisans Jack Dorsey and Jim McKelvey, has filed to go public with an initial offering of $275 million, a figure that could increase as it nears.

The company, which reported a $77.6 million loss on revenue of $560.5 million for the first half of 2015, will list its common stock on the New York Stock Exchange under the symbol “SQ.” Goldman Sachs will serve as the lead underwriter. J.P. Morgan and Morgan Stanley will also work on the deal.

According to the registration, Dorsey owns more than 24 percent of the company (or just more than 71 million shares) while McKelvey owns 9.4 percent of the company (just more than 27 million shares).

The first beneficiary of the foundation, Dorsey said via Twitter, would be Ferguson, a city that he visited during the unrest that followed the August 2014 fatal shooting of Michael Brown, 18, by police Officer Darren Wilson.

“I’m excited for the Start Small Foundation to begin its work! We will start our investment with one city: #Ferguson, Missouri,” Dorsey said in a tweet.

Details about the foundation’s planned “investment” were not immediately available.

Read more from Bloomberg, the St. Louis Business Journal and St. Louis Post-Dispatch


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