Square, Mobile-Payments Company Led by Twitter CEO, Files for IPO

Move Happens a Week After Jack Dorsey Was Named Twitter's New CEO

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Jack Dorsey
Jack Dorsey Credit: David Paul Morris/Bloomberg

Square, the mobile-payments company founded and led by Twitter CEO Jack Dorsey, filed for an initial public offering.

Square filed with an initial offering size of $275 million, a placeholder amount used to calculate fees that will probably change.

Mr. Dorsey, who is also Square's CEO, is proceeding with a public offering after being named Twitter's chief executive Oct. 5. That means he'll have to juggle the roadshow for Square while the social media company is undergoing a reorganization and refocusing of its main microblogging tool.

Square plans to use proceeds from the IPO for general corporate purposes and may also use the funds for acquisitions, among other things, the filing shows. Goldman Sachs & Co., Morgan Stanley and JPMorgan Chase & Co. are leading the offering.

~~Bloomberg News

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