Square Announces Pricing of Initial Public Offering

On November 18, 2015, Square announced the pricing of its initial public offering of 27,000,000 shares of its Class A common stock at a price to the public of $9.00 per share. According to the press release, 25,650,000 of the shares are being offered by Square, and 1,350,000 shares are being offered by the Start Small Foundation, a donor-advised fund held and administered by the Silicon Valley Community Foundation, the selling stockholder. The shares began trading on the New York Stock Exchange on November 19 under the ticker symbol "SQ." Wilson Sonsini Goodrich & Rosati is advising Square in the offering.

The company has granted the underwriters a 30-day option to purchase up to an additional 4,050,000 shares of common stock. Giving effect to the offering, there are 355,000,000 diluted shares outstanding using the treasury stock method. Goldman, Sachs & Co., Morgan Stanley, and J.P. Morgan are acting as lead joint book-running managers for the offering, with Barclays, Deutsche Bank Securities, Jefferies, RBC Capital Markets, and Stifel acting as additional book-running managers. LOYAL3 Securities, Inc. and SMBC Nikko are acting as co-managers. The offering is expected to close on November 24, 2015, subject to customary closing conditions.

The WSGR team advising Square in the offering includes partners Steve Bochner, Dave Segre, Tony Jeffries, and Calise Cheng.

For more information, please see Square's press release.