Shares of Square Inc, the mobile payments company co-founded and still run by Twitter Inc Chief Executive Jack Dorsey, rose as much as 64 percent in their market debut, offering hope to tech startups hoping to go public.
Square's shares touched a high of $14.78 in early trading on Thursday, valuing the company at $4.77 billion.
While the stock popped at the opening, the IPO price of $9 per share was well below the expected range of $11-$13.
"The shares will do well given they have been priced far below their range and because there's real opportunity for new startups," said James Angel, associate professor of finance at Georgetown University's McDonough School of Business.