Twitter Boosts IPO Price Range
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.