Mobile payment and merchant services company Square is planning to file an S-1 document for an initial public offering (IPO) within the next two weeks, according to a report from Fortune. Representatives from Square have not commented on the matter.
Square confidentially filed for an IPO in July 2015 as part of the Jumpstart Our Business Startups Act, reported Bloomberg. Per the act, companies making less than $1 billion in annual revenue can privately file for an IPO with the U.S. Securities and Exchange Commission (SEC) and finalize registration details out of the public eye.
After filing the S-1 document, Fortune indicates that the typical next step is to launch a “road show” across the U.S. in which Square executives generate interest in the IPO by giving presentations to potential buyers, analysts and fund managers.
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Goldman Sachs is reportedly serving as the lead underwriter of the IPO, with Morgan Stanley and JPMorgan Chase also participating. Square’s latest round of private funding valued the company at approximately $6 billion.
The IPO could potentially put Square’s Co-Founder and CEO, Jack Dorsey, in a bind, as he splits time with Twitter, the other company he co-founded. Although Dorsey currently serves as the interim CEO at Twitter, the social network’s Board of Directors is seeking a full-time CEO to fill the position. With that factor considered, it is unlikely the board would appoint Dorsey as the full-time CEO after the Square IPO is filed.
Dorsey does not plan to step down as Square’s CEO, according to Re/code.
