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Social Media

Twitter sets $17 to $20 per share range for IPO
New York City, October 25, 2013
First Published: 01:54 IST(25/10/2013)
Last Updated: 02:08 IST(25/10/2013)

Twitter has set a price range of $17 to $20 per share for its much-anticipated initial public offering and says it could raise as much as $1.6 billion.

Twitter Inc said in a regulatory filing on Thursday that it was putting forth 70 million shares in the offering. If those are sold, the underwriters can buy another 10.5 million shares.

The San Francisco-based messaging service plans to list its stock under the ticker symbol "TWTR" on the New York Stock Exchange.

The company's stock should begin trading within the next few weeks.

Twitter's IPO will be much smaller than Facebook's, which was marred by technical glitches on the Nasdaq stock exchange. Those problems likely led Twitter to the New York Stock Exchange.

Further, Twitter said on Thursday it would seek to raise up to $1.6 billion in its initial public offering expected in the coming weeks.

In regulatory documents, the popular messaging platform boosted the IPO amount from an earlier estimate of $1 billion, saying it would sell 70 million shares in a price range between $17 and $20 a share.

(With AFP inputs)

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