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Square Shares Gain 45 Per Cent up on Market Debut

... BBC:

Shares in the global payments company Square ended their first day of trading on Wall Street up 45%.

Square priced its shares at $9 (£5.88), lower than the expected range of $11 to $13. The stock closed at $13.07.

The low price had caused some investors to speculate about the long term financial health of the company.

Square - which helps companies accept and process credit card payments - was created by the co-founder and chief executive of Twitter, Jack Dorsey.

Square is a cube shape plug that attaches to smart phones and tablets to allow them to accept credit card swipes.

Listing its shares publically allowed Square to raise $243m.

"Square's financials leave much to be desired. But there's still a lot to like here, and... the success of their debut will say a lot about the current IPO environment," said Brian Hamilton, chairman of data firm Sageworks.

Opening bell

Marcia Dorsey - Mr Dorsey's mother - rang the opening bell of the New York Stock Exchange.

On Monday, Square addressed for the first time how it planed to handle having a chief executive who is the head of two public companies.

In a statement, the company said Mr Dorsey would give his "full business efforts and time to the company, other than with respect to [his] work with Twitter Inc".

It was a strong day all around for tech stocks. Match.com also began selling its shares publically.

The company - owner of dating websites Match, OkCupid and Tinder - saw its shares end 23% higher after being priced at $12.

Some investors had begun to question whether tech starts were being overvalued.

According to Thomson Reuters data, more than 50 companies have withdrawn plans to sell shares publically and others have had to lower valuations before listing them on Wall Street. 

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