Shares of Square rose more than 55 percent in early trading Thursday morning as the mobile payments processing firm helmed by Twitter CEO Jack Dorsey went public on the New York Stock Exchange.
But Square priced its initial public offering Wednesday night at $9 a share -- well below its expected range of $11 to $13. The price also marks a 42 percent decline from the $15.46 a share investors paid in 2014 during Square's last round of private financing.
Through that lens, the apparent pop loses a bit of its oomph.
IPO investors were concerned that Square's primary credit card processing business, which is already dominated by a bevy of much larger players, was unstable for the long term. The concerns were no doubt bolstered by the fact that Square has yet to turn a profit in its seven-year history.
What's more, Square's CEO is splitting his time as chief executive since taking on the top job at Twitter in October.
Dorsey downplayed his dueling responsibilities and the significance of Square's valuation and profitability during an interview with CNBC shortly after Square began trading.
"We have a long term view of our business and where we need to go and what we need to do," Dorsey said, adding that Square plans to continue investing in the company and accelerating its ability to scale.
In terms of profitability, Dorsey named two areas where the company hopes to make gains. First is through hardware sales of its next-generation credit card reader, which accepts both the new EMV credit cards and contactless payments such as Apple Pay and Samsung Pay.
"We want to associate that Square shape with how you can pay with your phone," Dorsey said.
Square's small business lending program, Square Capital, is also seen as a "massive opportunity" for the company, Dorsey said.
As for how he splits his time between Square and Twitter, Dorsey said "it's definitely hard" and something he approached "with a lot of self awareness." But Dorsey pointed to the strength and support of his teams for making the situation doable. It also doesn't hurt that the headquarters for Twitter and Square are stone's throw away from each other.
Sharing Square's IPO spotlight Thursday is the Match Group, parent company to online dating firms Tinder, OkCupid and Match.com. Aside from its face-palm moment stemming from Tinder CEO Sean Rad's off the cuff interview, the morning has gone relatively smooth.
Shares for Match Group were up 14 percent from Wednesday night's IPO price of $12.
Back in October, Match Group said it hoped to raise at least $100 million in this IPO. After today the company will have raised closer $400 million.