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HindustanTimes Mon,21 Apr 2014

Twitter files for IPO, seen valued at $10 bn

HT Correspondent , Hindustan Times  San Francisco/New York, September 14, 2013
First Published: 01:31 IST(14/9/2013) | Last Updated: 01:36 IST(14/9/2013)

Microblogging website Twitter Inc has filed for an initial public offering with US regulators, the company said on Thursday via its official Twitter account.

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The impending IPO of the microblogging phenomenon ignited a competition among Wall Street's biggest names for the prestige of managing its coming-out party with Goldman Sachs said to have emerged winner.

Twitter filed for an IPO confidentially under a 2012 law intended to help emerging corporations with less than $1 billion in revenue go public.

Chief executive Dick Costolo has for years waved off suggestions that the company intended to go public, saying Twitter remained flush with cash.

Facebook's 2012 public offer debacle and its subsequent share-price plunge also chilled the consumer-dotcom IPO market, though its share has clawed back and is now at record highs.

Twitter, valued by private investors at more than $10 billion, should break even this year according to market analysts, and is on track for 40% annual growth at $1 billion annual revenue.

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