The IPO stands to make parent company Fiat Chrysler's wallet a whole lot fatter at a time when it could use a cool billion or two.
The handset, known as the LG V10, comes at a time when companies are exploring new designs.
The payment company, which has been spun off by eBay, will trade on the Nasdaq under the same ticker symbol it used more than a decade ago.
The startup intends to trade under the ticker symbol "SQ" on the New York Stock Exchange.
A leaked photo provides a clearer look at the alleged LG smartphone and its secondary ticker display.
The company says today's the day it wraps up the transformation into a holding company for its numerous businesses.
LG's new V10 shows some second-screen restraint compared to the epic clunkers that came before.
The company will host an event at 8 a.m. PT/11 a.m. ET to introduce the devices. CNET will have an exclusive live-stream of it.
The Korean electronics maker hopes the big V10 marks the start of a family of smartphones, akin to its G line.
The new smartphone features an independent second screen, while the smartwatch can be used as a phone.