Twitter Sets IPO Price for $17-20 Per Share

The company intends to sell about 70 million shares.

Twitter said Thursday it anticipates selling 70 million shares at its initial public offering at a price of $17-$20 per share.

The company filed its intent for an IPO last month. 

At the midpoint of the price range, Twitter would raise $1.3 billion and the company would be valued at $12 billion, roughly the combined worth of DreamWorks Animation, Lionsgate and Imax.

Twitter is expected to price its IPO for early November and the shares will trade on the New York Stock Exchange under the symbol "TWTR."

Twitter said in its prospectus that its revenue rose from $28.3 million in 2010 to $316.9 million last year, with 85 percent coming from advertising. The company lost $69 million in the first half of this year.

Since its founding seven years, 300 billion tweets have been sent worldwide, the company said in its prospectus.