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Mobile payments company Square priced its initial public offering Wednesday below the range it previously outlined, the company said
Square priced its IPO at $9 per share after the bell Wednesday. Earlier this month, the company set the price range at $11 to $13 a share, valuing Square at up to $4.2 billion, or 30 percent less than in a private fundraising round a year ago.
The company, run by Twitter CEO Jack Dorsey, is one of the most prominent "unicorns," or private companies valued at $1 billion or more, to plan a public debut this year. Larger shareholders appear to want a discount on the stock for assurances it performs well, and advisers have recommended a lower-than-expected price to the company, sources had told CNBC before the final pricing was announced.
In the nine months ended Sept. 30, Square took in $892.8 million in total net revenue, according to a Securities and Exchange Commission filing. Total net revenue rose 49 percent from the same period in the previous year.
Square posted a net loss of $131.5 million in the nine months ended Sept. 30.
-- CNBC's Kayla Tausche and Reuters contributed to this report.