Square (NYSE:SQ) jumped more than 40% after the mobile payments company raised about a third less than planned in its initial public offering.
Shares rose 38% to $12.45 at 10:24 a.m. in New York, after reaching $13.05, up 45%, earlier in the day.
Square and an existing shareholder raised $243mln, selling 27mln shares for $9 each, according to a statement released on Thursday, after offering them for $11 to $13 apiece.
The IPO price puts the San Francisco, California-based company’s market valuation at about $2.9 billion, excluding options.
The company is one of the most prominent "unicorns," or private companies valued at $1 billion or more, to plan a public debut this year.
Match Group (NASDAQ:MTCH), the online-dating platform whose services include Tinder and OKCupid, also raised less than it wanted in an IPO on Wednesday.
Match and Square are coming to the markets at a volatile time for offerings.
Square plans to use proceeds from the IPO for general corporate purposes and possibly for acquisitions.
Square's net loss expanded to $131.5mln in the nine months through September, from $117mln in the year-earlier period. Revenue jumped 49% to $892.8mln.