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Square shares jump 46% on debut Square shares jump 46% on stock market debut
(about 1 hour later)
Shares of global payment company Square jumped 46% in the open hours of its first day of trading. Shares in global payment company Square jumped 46% in the open hours of its first day of trading.
The company priced its shares at just $9 (£5.88) lower than the expected range of $11 to $13. The company priced its shares at $9 (£5.88) lower than the expected range of $11 to $13.
The low price has caused some investors to speculate about the long term health of the company. The low price had caused some investors to speculate about the long term financial health of the company.
Square - which helps companies accept and process credit card payment - was created by the co-founder and chief executive of Twitter Jack Dorsey. Square - which helps companies accept and process credit card payments - was created by the co-founder and chief executive of Twitter, Jack Dorsey.
Square is a cube shape plug that attaches to smart phones and tablets to allow them to accept credit card swipes.Square is a cube shape plug that attaches to smart phones and tablets to allow them to accept credit card swipes.
Listing its shares publically allowed Square to raise $243m.Listing its shares publically allowed Square to raise $243m.
The stock reached $14.78 at one point in the early hours of trading. The stock reached $14.78 at one point in the early hours of trading.
"Square's financials leave much to be desired. But there's still a lot to like here, and think the success of their debut will say a lot about the current IPO environment," said Brian Hamilton, chairman of data firm Sageworks. "Square's financials leave much to be desired. But there's still a lot to like here, and... the success of their debut will say a lot about the current IPO environment," said Brian Hamilton, chairman of data firm Sageworks.
Opening bellOpening bell
Marcia Dorsey - Mr Dorsey's mother - rang the open bell for the New York Stock Exchange. Marcia Dorsey - Mr Dorsey's mother - rang the opening bell of the New York Stock Exchange.
Mr Dorsey's other company- Twitter- began selling its shares publically in 2013.
On Monday, Square addressed for the first time how it planed to handle having a chief executive who is the head of two public companies.On Monday, Square addressed for the first time how it planed to handle having a chief executive who is the head of two public companies.
In a statement the company said Mr Dorsey would give his "full business efforts and time to the company, other than with respect to [his] work with Twitter Inc". In a statement, the company said Mr Dorsey would give his "full business efforts and time to the company, other than with respect to [his] work with Twitter Inc".
It was a strong day all around for tech stocks. Match.com also began selling its shares publically.
The company - owner of dating websites Match, OkCupid and Tinder - saw its share price rise as high as 17% from its original $12 price tag.
Some investors had begun to question whether tech starts were being overvalued.
According to Thomson Reuters data, more than 50 companies have withdrawn plans to sell shares publically and others have had to lower valuations before listing them on Wall Street.