Square goes public on Thursday morning.
The digital-payments company set the price for its initial public offering on Wednesday, at $9 per share, below the range of $11 to $13 it had initially proposed.
The price gave the company a valuation of about $2.9 billion, half of where it was priced at its most recent private financing round. At that time, it raised $150 million at $15.50 per share.
And so, it's already a bumpy start to the company's public debut. Still, it's one of the biggest public offerings of the year, and will be closely watched, as private tech startup valuations continue to soar.
It's not common for tech companies to price their IPOs below their worth at the preceding private funding round.