Updated from 11:19 a.m. to include final closing price.
Shares of mobile payments company Square (SQ) closed higher, gaining nearly 45% to $13.08 on their first day of trading, as the Jack Dorsey-led company starts life in the public eye.
Pricing below the expected range at $9 a share, which valued the company at $2.66 billion, public market investors have marked down the value of the San Francisco-based company considerably from its last fundraising round. Square's Series E financing had valued the company around $6 billion, but Wall Street, stung by a slew of failed tech IPOs -- Box (BOX) , GoPro (GPRO) and perhaps, most notably, the Dorsey-led Twitter (TWTR) -- have been less forgiving.
Square had been expected to price its initial public offering between $11 and $13 a share, which would've valued the company at roughly $4 billion at the mid-point of the range.
In an interview with CNBC's Squawk on the Street, CEO Dorsey said he did not pay much attention to the valuation of the IPO, saying "I'm just excited to get back to work."
The company and some of its existing shareholders raised $243 million, ultimately selling 27 million shares in the offering.
Square, which said it has more than 2 million businesses using its payments processing hardware and software, garners 95% of its revenue from processing payments, taking a 2.75% fee for handling credit card payments. Its fledgling Square Capital business, which lends money to small businesses, accounts for the majority of the rest of its revenue.