Square Inc., the mobile-payments company founded and led by Twitter Inc. interim Chief Executive Officer Jack Dorsey, plans to hold its initial public offering in the fourth quarter of this year, people with knowledge of the matter said.

The timing is subject to change depending on market conditions, some of the people said. Square has filed confidentially to go public, people familiar with the matter said in July.

Square is pressing ahead with plans for its IPO even as Twitter’s board is considering whether Dorsey will remain CEO of the social-media company, where he is a top internal candidate for the role. If the board picks Dorsey, it may have to go back on a statement made in June, which said directors would only consider a “full-time” leader -- not one who has a CEO job elsewhere.

In interviews, Dorsey hasn’t ruled out either position. Meanwhile, he has been reassuring investors and key employees that he will remain CEO at Square, according to people familiar with the matter.

Aaron Zamost, a spokesman for San Francisco-based Square, declined to comment.

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