Mobile payments startup Square is set to price shares for its IPO offering Wednesday afternoon in what many on Wall Street are calling a litmus test for the health of the tech sector.
Led by CEO Jack Dorsey, Square is considered one of the preeminent unicorns, or private startups with a valuation exceeding $1 billion dollars, to tap the public markets this year,
Expected to debut on the New York Stock Exchange Thursday, Square plans to sell 25.7 million shares, which would give it a valuation of $4.2 billion on the top end of the range.
Appearing on CNBC's "Power Lunch" Wednesday legendary tech entrepreneur Kevin Ryan said even if the Square IPO gets off to a rocky start, Silicon Valley and Silicon Alley remain in terrific shape.
"There is no chance of there being a bubble right now," said Ryan. "Do i think among twenty companies valued at one billion dollars today, will one or two go bankrupt? Absolutely. But there will also be two or three that will be worth $10 billion dollars."