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Square, Inc.

Square discounts stock to $9 a share to complete IPO

Square discounts stock to $9 a share to complete IPO

Mobile payments processor Square had to sell its stock at a deep discount to complete its initial public offering, a concession signaling that investors are becoming wary of once-hot startups that haven't proven they can make money.

The IPO priced at $9 per share late Wednesday, according to published reports, below a target of $11 to $13 that Square set last week. The price is 42 percent below the $15.46-per-share price that Square fetched a year ago when it raised $180 million while it was still a privately held company.

Square, known for its small, white readers that plug into smartphones and tablets, now has a market value of about $3 billion compared to the $5 billion...

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