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Square intends to sell shares on the public stock market under the ticker symbol SQ for a proposed aggregate offering price of $275 million, according to an initial public offering filing with the U.S. Securities and Exchange Commission.
Square, a financial technology start-up, makes devices that facilitate credit card payments when inserted into tablets, and offers services such as restaurant delivery courier Caviar and peer-to-peer payment system Square Cash. The S-1 filing provides a first look at the financial state of the company for potential investors.
For instance, Square's total net revenue grew 51 percent year on year to $560.6 million for the six months ending in June. But overall, the company posted a net loss of $77.6 million over that time, the filing said.
Square had pro forma cash and equivalents of $198 million, as of June 30. And Square's already started tapping its credit facility: The S-1 said it's drawn down $30 million as of June, with $195 million remaining.