It seems that Jack Dorsey's fledgling digital payments company, Square Inc., is widening its wings even further. Square has already publicly filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering (IPO).
The announcement was made after markets closed on Wednesday, Oct. 14.
The company says it wishes to list its common stock on the New York Stock Exchange, under the ticker symbol "SQ."
This San Francisco-based company was founded and led by Jack Dorsey. Last week, Dorsey was in the spotlight as he was billed the permanent CEO of Twitter, one of today's leading social networking sites.
This means Dorsey will now be running two publicly traded companies.
Can he manage his roles efficiently?
The company confessed the likelihood the CEO may be distracted by managing two huge companies at the same time.
"Jack Dorsey, our co-founder, President, and Chief Executive Officer, also serves as Chief Executive Officer of Twitter," said Square in the filing's risk section. "This may at times adversely affect his ability to devote time, attention, and effort to Square."
The company does say it is planning to raise $275 million, although this amount is probably a placeholder used to calculate registration fees which later be increased.
Established in 2009, Square is currently housed in San Francisco, with offices in the U.S., Japan, Australia as well as Canada.
"Square's point-of-sale service offers tools for every part of running a business, from accepting credit cards and tracking inventory, to real-time analytics and invoicing," writes Square.
The company also does offer financial and marketing services, which include customer engagement and small business financing tools.
It also became known on its Square Cash, where individuals can send as well as receive money with the use of a mobile application, as well as its Caviar, a food delivery service.
In the meantime, a chief economist at Manhattan Venture Partners, Max Wolff, predicted it is going to be a tough run for square.
"The IPO window does not look open right now," said Wolff.
Based on Wednesday's filing, the CEO owns 25 percent of the company.
