Update, 9 a.m. Thursday: Twitter Debuts on NYSE, Then Goes Nuts
Original post: Twitter — to be known on the New York Stock Exchange as TWTR — just set a price for its initial public offering, scheduled to open trading Thursday morning. The price: 26 bucks. That’s way above the original range of $17 to $20 and even higher than the revised (not to say “jacked up”) range of $23 to $25 announced earlier this week.
The company announced the news on its own service, naturally (we think they’ve cheated on the 140-character limit with the linked disclaimer document, though):
We just priced our IPO. pic.twitter.com/NWXaO4Myq0
— Twitter (@twitter) November 6, 2013
One line from that disclaimer: “This Tweet shall not constitute an offer to sell or the solicitation of an offer to buy” the company’s stock.
Here’s the story from the Associated Press:
NEW YORK — Twitter has set a price of $26 for its initial public offering of stock, which means the company’s shares can begin trading Thursday on the New York Stock Exchange.
The price values Twitter at more than $18 billion based on its outstanding stock, options and restricted stock that’ll be available after the IPO.
Twitter Inc. had originally set a price range of $17 to $20 per share for its IPO, but analysts expected that to go higher. The company raised the range on Monday to $23 to $25 per share, signaling enthusiastic response from prospective investors.
The San Francisco-based short messaging service is offering 70 million shares in the IPO, plus an option to buy another 10.5 million. It is set to begin trading Thursday morning under the symbol “TWTR.”