Square, the payments startup, filed to go public with many of the usual marquee names on Wall Street listed as its underwriters.
Goldman Sachs, Morgan Stanley and JP Morgan are all on the deal.
But right alongside them in the IPO filing is a tiny San Francisco-based firm called Loyal3 Securities.
Loyal3 says its mission “is to make it easy and affordable for people to own the brands they love.”
It typically helps companies sells shares shares directly to customers during initial public offerings and fundraisings. The company did not returns calling seeking comment in time for publication late on Wednesday.
While the big banks are selling huge chunks of stock to hedge funds and mutual funds, Loyal3 is selling a handful of shares at a time. It helped raise $US58 million for GoPro in four days, according to its website, and $US14.5 million for Virgin America in two days.
It’s also worked on the IPOs of AMC Entertainment, selling shares to member’s of the theatre chain’s loyalty program, and Go Daddy, according to the company’s website.
In Square’s case, it is likely that Loyal3 will help the merchant services company’s users buy into the IPO.
The firm, of course, will play a minor role in comparison to the Wall Street giants working on the deal.
Goldman Sachs, which has deep connections to Square, is leading the IPO.
Square chief financial officer Sarah Friar is an ex-Goldman Sachs banker, while former Goldman Sachs CFO David Viniar sits on Square’s board. The bank also led the IPO of Twitter, where Square CEO Jack Dorsey is also chief executive.
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