Jack Dorsey's payment company Square's underwhelming IPO leaves a lot to ponder

Shares in payment company Square surged by more than 60% at one point on the New York Stock Exchange yesterday, wiping out much of the underwhelming effect of its IPO pricing strategy the previous evening.

The company co-founded by Twitter chief executive, Jack Dorsey found itself in the midst of a storm of negative coverage Wednesday evening when it priced shares in the company at $9 (€8.38), far below the previously stated $11- $13 range.

The company’s initial public offering raised $243m at the $9 per share price on Wednesday.