Updated from 11:19 a.m. to include final closing price.
Shares of mobile payments company Square (SQ) - Get Square, Inc. Class A Report 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) - Get Box, Inc. Class A Report , GoPro (GPRO) - Get GoPro, Inc. Class A Report and perhaps, most notably, the Dorsey-led Twitter (TWTR) - Get Twitter, Inc. Report -- 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'sSquawk 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.
Speaking with CNBC, Dorsey said Square wants to show that it can accelerate from here, offering more of its services "to sellers all over the world."
In the first nine months of 2015, Square generated $892.8 million in revenue but lost $131.5 million in net income. Some of that financial information comes from a highly publicized deal with Starbucks (SBUX) - Get Starbucks Corporation Report , commissioned in 2012, that ultimately did not bear fruit for either company.
As such, the partnership is slated to end in the early part of 2016, according to Square's S-1 filing.
Square, which generates almost all of its revenue inside the U.S., laid the claim that its retailers, when combined, would make up the 13th largest retailer. The company recently signed a deal with Japanese clothing retailer Uniqlo to expand its presence around the world. It has also helped retailers such as Burberry and Lululemon (LULU) - Get Lululemon Athletica Inc (LULU) Report have different point-of-sale systems than seen in those company's stores, allowing for ease of use and mobility.