Mobile payments company Square, headed by Twitter chief executive Jack Dorsey, said it expects its initial public offering to price at between $11 and $13 per share, valuing the company up to $4.2 billion.

The company, which expects to raise over $403.7 million, had initially set a fundraising target of $275 million when it filed for the offering on October 14.

Square, founded in 2009, was valued at $6 billion after its last funding round a year ago.

The San Francisco-based company said in a regulatory filing on Friday it would sell 25.7 million Class A common shares, while selling stockholder Start Small Foundation, a charitable fund created by Dorsey, would sell about 1.35 million.

Neither Twitter nor Square has been clear about how Dorsey will split his time between the two companies - a cause of concern for some investors of both companies.

Goldman Sachs, Morgan Stanley and JP Morgan are among 10 firms underwriting the offering.

Reuters