Timing's not on its side as Square prepares for IPO

New York

THE biggest question on Wall Street last Friday was why Square, the upstart mobile payments company, was so determined to go public now.

Square is facing a market that is unenthusiastic about the initial public offerings of tech companies. Those startups that have taken the IPO plunge have faced pickier investors who are focused on profit - which Square does not have - rather than revenue growth, which, for Square, is beginning to slow.