The price range for mobile payments company Square Inc's initial public offering will be set this week and its shares will start trading in the week before Thanksgiving, CNBC said in a tweet on Monday, citing sources.
Reuters, citing CNBC, said the company, headed by Twitter Inc Chief Executive Jack Dorsey, filed for an IPO on Oct. 14.
The company founded by Jack Dorsey will boast about the growth story of its small business financing arm, Square Capital.
In its last funding round, the San-Francisco based company was valued at $6 billion, according to Reuters. Square's senior management will present the company to investors as they head towards the IPO next week.
The company filed for a prospectus for its IPO last month and intends to apply for common stock under the symbol 'SQ' on the New York Stock Exchange, Business Insider reported.
However, investors are worried. Jack Dorsey who was named a permanent CEO of Twitter last month may have trouble dedicating his time to both the companiesâ€”twitter and Square. Once Square goes up on the NYSE, Jack would be the CEO of two public offering companies, investors feared.
The company has advanced more than $75 million to small businesses in three months, Business Insider India reported.
Rapid Ratings, which rates the financial health of private and public companies, has given Square a rating of 41 on a scale of 0 to 100, where 100 is a score reserved for the most fiscally sound companies, Reuters said.
"As per Rapid Ratings, Square falls into the "medium risk" category owing to its declining operating profit and weak earnings performance", the report said. The company's total debt exceeded $350 million, according to one estimate.
Thanksgiving falls on 26 November this year.