None of Square’s existing investors sold stock in the IPO, with the float representing just 8% of the company’s outstanding shares. [1] Very small float. Seems

None of Square’s existing investors sold stock in the IPO, with the float representing just 8% of the company’s outstanding shares. [1] Very small float. Seems like they structured the IPO to have minimal exit risk and to be a PR success rather than going for a higher starting price and capitalization. The "Don't worry we know there's a bubble but we're being realistic and the stock is a good buy" strategy. [1] http://fortune.com/2015/11/18/square-prices-ipo/ http://fortune.com/2015/11/18/square-prices-ipo/