NEW YORK (AP) — Square, the six-year-old start-up known for its white, cube-shaped credit and debit card readers that plug into smartphones, surged in its first day as a publicly traded company.
A 46 percent spike caught almost everyone off guard after the company priced its stock at $9, well below what had been expected late Wednesday. The jump in value put the stock above the original $11 to $13 range set last week.
That markdown was seen as a concession by the company, which is headed by Twitter co-founder Jack Dorsey, that investors are becoming wary of once-hot startups that haven’t proven they can make money.
Another start-up, The Match Group, is set to begin trading Thursday as well.
Square gained $4.14 to reach $13.15 in early trading.
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