Twitter headquarters, on Market Street in San Francisco (Olivia Hubert-Allen).
Twitter headquarters, on Market Street in San Francisco. (Olivia Hubert-Allen)

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):

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.”

Author

Dan Brekke

Dan Brekke (Twitter: @danbrekke) has worked in media ever since Nixon's first term, when newspapers were still using hot type. He had moved on to online news by the time Bill Clinton met Monica Lewinsky. He's been at KQED since 2007, is an enthusiastic practitioner of radio and online journalism and will talk to you about absolutely anything. Reach Dan Brekke at dbrekke@kqed.org.

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