Square CEO Jack Dorsey, right, poses with co-founder Jim McKelvey in front of the New York Stock Exchange before opening bell ceremonies, Thursday, Nov. 19, 2015. Square, the 6-year-old startup known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company. (AP Photo/Richard Drew)
The Associated Press
NEW YORK (AP) - Square, the 6-year-old startup known for its white, cube-shaped credit and debit card readers that plug into smartphones, surged in its first day as a publicly traded company.
A 45 percent spike caught almost everyone off guard after the company priced its stock at $9, well below what had been expected late Wednesday. The jump in value put the stock above the original $11 to $13 range set last week.
That markdown this week was seen as a concession by the company, headed by Twitter co-founder Jack Dorsey, that investors are becoming wary of once-hot startups that haven't proven they can make money.
Another startup, The Match Group, also jumped in its first day of trading, rising almost 13 percent.
Square gained $4 to reach $13 in midday trading.
Mac Riley, center, son of Square CFO Sarah Friar, rings a ceremonial bell as the Square IPO begins trading, on the floor of the New York Stock Exchange, Thursday, Nov. 19, 2015. Flanking Riley are Square CEO Jack Dorsey, left, and co-founder Jim McKelvey, far right. Square, the 6-year-old startup known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company. (AP Photo/Richard Drew)
The Associated Press
Square CEO Jack Dorsey, left, streams his mother, Marcia Dorsey, second left, as she reacts just after ringing the opening bell of the New York Stock Exchange to mark his company's IPO, Thursday, Nov. 19, 2015. At right is Square co-founder Jim McKelvey. Square, the 6-year-old startup known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company. (AP Photo/Richard Drew)
The Associated Press
Square CEO Jack Dorsey gets a birthday kiss from his mother, Marcia Dorsey, before his company's IPO at the New York Stock Exchange, Thursday, Nov. 19, 2015. Square, the 6-year-old startup known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company. (AP Photo/Richard Drew)
The Associated Press
Square CEO Jack Dorsey passes the statue of George Washington after posing for photos before his company's IPO at the New York Stock Exchange, Thursday, Nov. 19, 2015. Square, the 6-year-old startup known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company. (AP Photo/Richard Drew)
The Associated Press
Square CEO Jack Dorsey, foreground, visits outside the New York Stock Exchange before opening bell ceremonies, Thursday, Nov. 19, 2015. Square, the 6-year-old startup known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company. (AP Photo/Richard Drew)
The Associated Press
The facade of the New York Stock Exchange is decorated for the Square IPO, Thursday, Nov. 19, 2015. Mobile payments processor Square had to sell its stock at a deep discount to complete its initial public offering, a concession signaling that investors are becoming wary of once-hot startups that haven't proven they can make money. (AP Photo/Richard Drew)
The Associated Press