Sequoia has put anonymous messaging app Yik Yak up for sale after months of declining metrics. Surprisingly, Square has been named as a likely buyer.

Square raised $243 million through its IPO on Thursday. Listing on the NYSE under the symbol SQ, shares were priced at $9, noticeably below the expected range of $11-$13. Although the initial pricing was discouraging, shares rallied on the secondary market, opening at $11.20 and closing the day at $13.07 (up 45%).

With this year’s dearth of tech IPOs and rise of huge late-stage VC rounds, Squares upcoming public offering will be thrust into the spotlight as an example of what these highly valued and well-funded companies may expect from public markets; the outlook isn’t very promising.