Square says it expects to price its initial public offering at between $11 and $13 per share, valuing Jack Dorsey's payments startup at up to $4.2 billion.
The price would see Square raise up to $403.7 million, considerably more than the $275 million cited in initial regulatory filings.
However, it also represents a 30% discount on the $6 billion valuation given to the company at the time of its $150 million series e funding round in October 2014.
The conservative valuation reflects the fact that, despite revenues of $560.6 million, Square posted a loss of $77.6 million in the first half of the year. There is also concern about Dorsey's dual role following his return as Twitter CEO.