at the last moment the underwriters of square priced the offering at 1/3 below the expected the price. the company lost out but wall street benefited because they bought into the over allotment. the stock price moved up and underwriters now are sitting on a 1/3 profit in addition to their underwriting fees etc. they probably wined and dine the company to get their business. they probably threw in some prostitutes and that probably dimmed the executives perspective.
Or maybe the pricing strategy was not at all about the square IPO cash-out (Mr Dorsey could wipe his ass with a hundred mil) but more concerned w/ the much bigger game (longer con) of preserving perceived valuation of the "unicorns" http://www.zerohedge.com/news/2015-...lking-square-ipos-9-well-below-expected-range