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 JPMorgan are all on the deal.
But right alongside them in the initial public offering 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.”
Brands you love
It typically helps companies sell shares directly to customers during IPOs and fundraisers. The company did not return calls seeking comment in time for publication late Wednesday.
While the big banks are selling huge chunks of stock to hedge and mutual funds, Loyal3 is selling a handful of shares at a time.
It helped raise $58 million for GoPro in four days, according to its website, and $14.5 million for Virgin America in two days.
It has also worked on the IPOs of AMC Entertainment, selling shares to members of the theater chain’s loyalty program, and GoDaddy, according to the company’s website. It has also worked on deals for HubSpot and Globant.
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’s 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, of which Square CEO Jack Dorsey is also chief executive.