Twitter jacks up IPO price range as the blabbergasm begins
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Twitter upped its initial public offering price range to $23 - $25 on Sunday, an updated filing with the Securities and Exchange Commission shows.
The micro-blogging site, which is imminently set to float onto the New York Stock Exchange, said that it had hiked its IPO share price range after talking to the company's underwriters.
It said in the amended SEC filing dated 3 November:
[I]n October 2013, we and our underwriters determined an estimated offering price range of $17 to $20 per share of our common stock to be sold in this offering, and this estimated initial public offering price range was determined prior to conducting any marketing activities related to this offering.
Subsequently ... we and the underwriters determined to increase the estimated offering price range to $23 to $25 per share.
This revised estimated offering price range was the result of discussions between ourselves and the underwriters following the commencement of marketing efforts for the offering and reflect initial indications of interest from potential investors.
It's official, then: Twitter's approach to going public is no longer a conservative one. It means the outfit, which claims to have north of 200 million active users on the service, could raise as much as $1.75bn for its coming-out party on Wall Street if it shifts about 70 million shares.
The company is expected to debut on the NYSE on Thursday with the stock ticker symbol of "TWTR". ®
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