Bucking the trend: Dorsey (left) being congratulated by Square co-founder Jim McKelvey (second from right) and NYSE President Tom Farley (right) after the IPO of Square Inc in New York, where its shares soared as much as 64% in their market debut.
Shares of Square Inc, the mobile payments company co-founded and still run by Twitter Inc chief executive Jack Dorsey, soared as much as 64% in their market debut, following a marked-down initial public offering, countering the negative sentiment that has nagged at Silicon Valley startups in recent weeks.
The steeply discounted IPO price, at less than 60% of the company's last private valuation, had raised questions about the prospects of other so-called 'unicorns' – startups worth at least US$1bil (RM4.25bil) – that might want or need to go public.
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