Square boosts expected IPO value by 47 pct in rocky market

Staff Writer
Columbus CEO

NEW YORK (AP) — Square, the six-year-old company known for its white, cube-shaped card readers that plug into smartphones , is boosting its planned initial public offering value by 47 percent in what has become a very dicey market for new companies trying to raise cash.

The San Francisco financial-services startup was founded and is led by Jack Dorsey, who co-founded Twitter and recently returned to lead that company again.

Square Inc. plans to offer just over 31 million shares at $13 apiece for about $403.7 million. Previously, the company had filed regulatory papers for an IPO valued at up to $275 million.

Square helps small businesses process credit card payments and tablet computers, turning them into electronic sales terminals.