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Twitter prices above range to raise at least $1.8 billion

07
Nov
2013

Twitter Inc priced its initial public offering above its expected range to raise at least $1.8 billion, in a sign of strong investor demand for the most highly anticipated U.S. public float since Facebook Inc. The microblogging network priced 70 million shares at $26, above the targeted range of $23 to $25, which had been raised once before. The IPO values Twitter at $14.1 billion, with the potential to reach $14.4 billion if underwriters exercise an over-allotment option, as they are widely expected to. If the full overallotment is exercised, Twitter could raise $2.1 billion, making it the second largest Internet offering in the U.S. behind Facebooks $16 billion IPO last year and ahead of Google Incs 2004 IPO, according to Thomson Reuters data. The focus now turns to how Twitter stock will fare on Thursday.

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