As a student eloquently said a week or so ago in regards to IPOs: wait for the hype to pass. I wonder what P/E and P/B will be for Square’s stock at close. Also, how is their business? Do they have a higher ROIC than their peers or a plan to do so in the future? These are questions to consider before jumping in on an IPO (either at the IPO price or opening price). An efficient market will answer these questions via the stock price. We shall see.