Mobile Payments Startup Square Kicks Off IPO With Shares Spiking

Mobile payments startup Square (SQ) began trading on the New York Stock Exchange Thursday under the ticker SQ. Shares opened at $11.20 a share, jumping 25 percent in the opening moments of trading. The company caused some controversy after setting its IPO price at $9 a share, down from the initially expected price range of $11 to $13. Square's most recent funding round sold for roughly $15 a share, meaning that the company's valuation has drastically decreased over the last year. Square has seen its revenue growth slow amid uncertainty over the mobile payments space. The IPO price will now give the startup a $2.9 billion market cap. Square's drop in valuation could set a difficult tone for other Silicon Valley startups looking to go public. Over the last few months fidelity investments has slashed the valuation of its stake in high profile tech companies such as Snapchat and Dropbox.