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Payments company Square expects IPO to price between $11 and $13 per share

Nov 6, 2015, 17:05 IST

Twitter Co-Founder and Chairman and Square CEO Jack Dorsey speaks onstage during 'From 7 Dwarves to 140 Characters' at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 9, 2014 in San Francisco, California.Kimberly White/Getty Images for Vanity Fair

(Reuters) - Mobile payments company Square Inc said it expects its initial public offering to be priced at between $11 and $13 per Class A common share.

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The IPO is expected to raise up to $403.7 million, the company said in a regulatory filing.

As Dan Primack points out in Fortune, this would actually place Square at a lower valuation than its most recent funding round, where the company raised $150 million at a $6 billion valuation.

Primack notes that this last private round priced the stock at roughly $15.5 per share.

Square is headed by Twitter Inc chief executive, Jack Dorsey.

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

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