Square Expects IPO to Raise Over $400M

Mobile payments company Square, headed by Twitter Chief Executive Jack Dorsey, said it expects its initial public offering to price at between $11 and $13 per share, raising up to $403.7 million.

The company had initially set a fundraising target of $275 million when it filed for the offering on Oct. 14.

Square said in a regulatory filing it would sell 25.7 million Class A common shares, while selling stockholder Start Small Foundation would sell about 1.35 million.

Neither Twitter nor Square has been clear about how Dorsey will split his time between the two companies - a cause of concern for some investors of both companies.

San Francisco-based Square, founded in 2009, was valued at $6 billion after its last funding round a year ago.

Goldman Sachs, Morgan Stanley and J.P. Morgan Securities are among 10 firms underwriting the offering.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza and Saumyadeb Chakrabarty)