The payments startup said Friday it plans to sell 27 million shares in an initial public offering at $11 to $13 each, substantially lower than the $15.46 the shares fetched from private investors in Square’s last funding round in October 2014. That round valued the company at $6 billion. At the $12 midpoint of Friday’s indicated price range, Square would be valued at $3.9 billion, excluding the value of stock options, restricted stock and warrants.

http://www.wsj.com/articles/square-outlines-ipo-terms-1446812826