Twitter Boosts IPO Price Range

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UPDATED: The micro-blogging service now targets a price of $23-$25 per share, up from $17-$20.

Micro-blogging service Twitter on Monday raised the price range for its initial public offering.

The new price range is $23-$25 per share, up from $17-$20, the company said in a regulatory filing. Twitter is offering 70 million shares in the IPO. The stock is expected to price mid-week and make its stock market debut on Thursday.

At the mid-point of the new price range, the Twitter IPO would now raise $1.7 billion. Twitter's initial market value could now exceed $13 billion.

Twitter will trade under ticker symbol TWTR on the New York Stock Exchange.

The company had said in its IPO filing that it recorded revenue of $28.3 million in 2010 and $316.9 million last year, with 85 percent coming from advertising. The company lost $69 million in the first half of 2013.

E-mail: Georg.Szalai@THR.com
Twitter: @georgszalai

 

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