Square Files For Long Awaited Public Offering

Justin Tallis / AFP / Getty Images

Square, the payments and small business software company founded by Twitter co-founder Jack Dorsey, is finally going public. The company filed its S-1 with the U.S. Securities and Exchange Commission (SEC) on Wednesday after market close. It's shares will trade under the ticker symbol SQ.

Square's IPO announcement follows Dorsey's recent appointment as permanent CEO of Twitter. And his decision to lead both Twitter and Square is already raising questions about how he'll manage the former while the promoting the IPO of the latter.

Square's S-1 notes the conflict, saying "Jack Dorsey, our co-founder, President, and Chief Executive Officer, also serves as Chief Executive Officer of Twitter. This may at times adversely affect his ability to devote time, attention, and effort to Square."

Square said that it has had a net loss in each of the last three years, while its revenue has gone from $203 million in 2012 to over $850 million in 2014. Through the first six months of this year its had $561 million in revenue. The company says that it's looking to raise $275 million, but that number could easily change as the offering comes closer to completion.

Source