Yesterday, mobile payments company Square, Inc. (www.squareup.com) filed an amended registration statement with the Securities and Exchange Commission for its initial public offering (IPO). What was noteworthy about this was that (1) Square is a "unicorn" - a venture-backed company with a valuation in excess of $1 billion, (2) the investors in Square's last round were reportedly guaranteed a 20% return in the IPO, and (3) the IPO pricing range of $11 to $13 per share could value the company at less than its latest private financing round. Pundits are arguing that if Square prices at below the valuation of the last private round, that it could be an indicator that the frothy Unicorn financing market may slow down.
Here's a link to Square's amended S-1 registration statement:
http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622ds1a.htm
Here are some links to stories about this:
Re/Code: http://recode.net/2015/11/06/square-takes-an-ipo-bullet-for-all-of-the-overpriced-unicorns/
WSJ: http://www.wsj.com/articles/square-outlines-ipo-terms-1446812826
NYT: http://www.nytimes.com/2015/11/07/business/dealbook/square-sets-conservative-ipo-price-range.html
Here's a link to Square's amended S-1 registration statement:
http://www.sec.gov/Archives/edgar/data/1512673/000119312515369092/d937622ds1a.htm
Here are some links to stories about this:
Re/Code: http://recode.net/2015/11/06/square-takes-an-ipo-bullet-for-all-of-the-overpriced-unicorns/
WSJ: http://www.wsj.com/articles/square-outlines-ipo-terms-1446812826
NYT: http://www.nytimes.com/2015/11/07/business/dealbook/square-sets-conservative-ipo-price-range.html
