Digital-payments startup Square priced its initial public offering at $9 per share on Wednesday night and started trading on the New York Stock Exchange on Thursday morning. Shares opened at $11.20 and spiked by as much as 60% soon after. The IPO is good news for Square’s investors, especially those who bought in during early funding rounds.
The folks at EquityZen, a marketplace for investors looking to buy shares from startup employees, have been tracking how all of Square’s early investors have fared. They collected data on all the investors in Square’s funding rounds, based on SEC filings, and put it together in a graphic based on the $9 IPO share price.
Importantly, Series E investors negotiated for a guaranteed 20% return upon an IPO, and so their stake is worth $180 million at the time of the IPO (and over $250 million at current trading levels). The negative returns on the right side of the graphic do not account for that.