Twitter Bumps Up IPO Price RangeBy: Chris Crum - November 4, 2013
Twitter has made yet another revision to its IPO filing with the SEC, this time raising the price. Now, the company is looking to price shares at between $23 and $25. That’s up from between $17 and $20.
The company says in the filing:
Prior to this offering, there has been no public market for the common stock. It is currently estimated that the initial public offering price per share will be between $23.00 and $25.00. Our common stock has been approved for listing on the New York Stock Exchange under the symbol “TWTR”.
We are an “emerging growth company” as defined under the federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements for future filings.
Twitter is selling 70,000,000 shares. With the new price range, we’re talking about somewhere around $1.7 billion, giving Twitter a $13 billion market cap.
Twitter is expected to launch the IPO on November 7th.[via Forbes]
Image: Twitter (SEC)