Square IPO points the way for lower valuations of 'unicorns'

Traders work on the floor of the New York Stock Exchange in New York City.
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Payment provider Square priced 27 million shares at $9, below the price talk of $11 to $13.

Square is far and away the more important IPO today because it is being watched as a leading indicator for other "unicorns," tech companies with heavy rounds of private fundraising that are now seeking to go public.

The company raised $243 million, 25 percent less than what they had aimed for. It had been valued at $6 billion in private financing last year, but is now worth half that: $2.9 billion.