Square, the U.S-based, Jack Dorsey CEOed mobile payment processing company, has officially filed for initial public offering (IPO). The San Francisco-based payments company made the announcement on Wednesday that it has filed the necessary public documents with the U.S. Securities and Exchange Commission.
However, the company has not disclosed how much shares it will offer and what will be the price range for the offering. It is known that the company will list its common stock on the New York Stock Exchange under the symbol “SQ”. It is speculated to offer up to $275 million in stock.
In 2014, Square reported gross payment volume of $23.78 billion. For the first six months of 2015, the company says, its total revenue was up 51 percent, to $560.5 million, from the same period one year ago and took losses of $77.5 million. The biggest source of transactions for the company is retail transactions, constituting 21 percent of its gross payments volume.
From 2013 to 2014 the company grew annual net revenues from $552 million to $850 million. The filing indicates that though the company isn’t profitable yet, its losses are slimming.
Mentioning about its growth strategy, the company said it planned to continue to support new payment technologies like Apple Pay and Android Pay as well as EMV chip cards. Square also pointed to a potential growth driver in the future, by partnering with third-parties like Intuit and Bigcommerce to leverage the data it collects from providing analytics services to companies.
The company has been on a roller coster ride since its launch in 2009. It enjoyed initial success with its create card reader that can be connected to a smartphone via 3.5mm jack. Its point-of-sale software for iPads and few back-office tools for inventory management, invoicing, analytics, appointments, payroll, staff management, etc. were well received.
However, the company’s attempt for the consumer based wallet app failed. Twice. This was the company’s attempt to use mobile payments in stores by letting consumers check into an app and then give their name to the cashier. Another product of the company, Square Order, an app to pre-order food and drinks at cafe also shut down after an year.
Square’s public filing also includes a note from Jack Dorsey, who has recently committed to being the full-time CEO of both Square and Twitter. Now, he has the unenviable responsibility of being the CEO of two public companies. He says that he has given over 15 million shares, or 20 percent of his own equity, back to Square as well as the Start Small Foundation.