NEW YORK (AP) — Square, the six-year-old company known for its white, cube-shaped card readers that plug into smartphones , is boosting its planned initial public offering value by 47 percent in what has become a very dicey market for new companies trying to raise cash.
The San Francisco financial-services startup was founded and is led by Jack Dorsey, who co-founded Twitter and recently returned to lead that company again.
Square Inc. plans to offer just over 31 million shares at $13 apiece for about $403.7 million. Previously, the company had filed regulatory papers for an IPO valued at up to $275 million.
Square helps small businesses process credit card payments and tablet computers, turning them into electronic sales terminals.
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