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Report: Square postpones IPO indefinitely

  • Fox Business reports mobile payments upstart Square has indefinitely postponed its anticipated IPO.
  • Sources tell the TV network Square's revenue run rate is to blame for the delay. One of them says the company's "private-market valuation could not be substantiated by their revenues as a public company."
  • Private share sales have valued Square at $5B. The WSJ reported in November Square was talking to banks about a 2014 offering, and expected 2013 net revenue (excludes payments to credit-card companies) of $110M-$165M.
  • At the time, Square reportedly hoped to grow its gross revenue by over 80% in 2014 to $1B.
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