Shares of Square, the mobile payments company co-founded and still run by Twitter chief executive Jack Dorsey, soared as much as 64 per cent in their market debut. This was following a marked-down initial public offering, countering the negative sentiment that has nagged at Silicon Valley startups in recent weeks. The steeply discounted IPO price, at less than 60 per cent of the company’s last private valuation, had raised questions about the prospects of other so-called “unicorns” - startups worth at least $1 billion - that might want or need to go public. A number of tech IPOs have performed poorly over the past year, and mutual fund investors including Fidelity Investments have been...
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