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The
company, which expects to raise over $403.7 million, had
initially set a fundraising target of $275 million when it filed
for the offering on Oct. 14.
Square, founded in 2009, was valued at $6 billion after its last
funding round a year ago.
The San Francisco-based company said in a regulatory filing on
Friday it would sell 25.7 million Class A common shares, while
selling stockholder Start Small Foundation, a charitable fund
created by Dorsey, 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.
Goldman Sachs & Co, Morgan Stanley & Co LLC and J.P. Morgan
Securities LLC are among 10 firms underwriting the offering.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio
D'Souza and Saumyadeb Chakrabarty)
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