Hbs Square Inc Ipo Case

Hbs square inc ipo case

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Case | HBS Case Collection | November 2016 (Revised February 2017)

Square, Inc.

IPO

Ramana Nanda, Robert White and Lauren G. Pickle

In November 2015, Square, Inc.

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launched its initial public offering (IPO). The IPO had an offering price of $9 per share, lower than the $11 to $13 estimate that had been outlined in the preliminary prospectus and 42% below the $15.50 share price in its most recent financing less than a year before.

Hbs square inc ipo case

The lower-than-anticipated pricing of Square’s IPO, and the implied valuation, had left investors and market observers wondering if this was an indication of a valuation bubble or a shift in the market. The case provides an overview of the IPO process and examines U.S.

Hbs square inc ipo case

IPO trends from the 1980s to mid-2010s. It explores the rationales behind an increasing number of billion-dollar-plus private valuations, known as “unicorns” and explores who the winners and losers are when such firms go public at lower valuations.

Keywords: initial public offering; business finance; Initial Public Offering; Equity; Capital Markets; Public Equity; Stocks; Venture Capital; Financial Services Industry; United States;

Citation:

Nanda, Ramana, Robert White, and Lauren G.

How Square Makes Money

Pickle. "Square, Inc.

Hbs square inc ipo case

IPO." Harvard Business School Case 817-054, November 2016. (Revised February 2017.)  View Details