Investing.com - The New York Stock Exchange said it held a successful test run for Twitter’s initial public offering on Saturday, as it attempts to avoid the technical problems that affected Facebook’s flotation on the Nasdaq last year.
Early Saturday, traders and NYSE staff simulated buying and selling shares on the exchange in order to avoid any trading disruptions that it may encounter when shares go public.
In a statement, a spokesman for the NYSE said, "This morning's systems test was successful, and we're grateful to all the firms that chose to participate.
"We're being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."
Twitter intends to offer 70 million shares of the company at a price between USD17 and USD20, to possibly raise up to USD1.6 billion. It will be the largest technology IPO since Facebook went public in May 2012.
According to its IPO prospectus, Twitter now has 218 million monthly users and 500 million tweets are sent a day.
In Facebook’s first day of trading on the Nasdaq a problem in the exchange system meant that many traders did not know for hours, and in some cases, days afterwards whether their trades had successfully been completed.
The trading delays contributed to a drop in Facebook’s share price and the Nasdaq was subsequently fined USD10 million by the U.S. Securities and Exchange Commission.
Twitter, which will trade under "TWTR," is expected to go public as early as November 7.
Early Saturday, traders and NYSE staff simulated buying and selling shares on the exchange in order to avoid any trading disruptions that it may encounter when shares go public.
In a statement, a spokesman for the NYSE said, "This morning's systems test was successful, and we're grateful to all the firms that chose to participate.
"We're being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."
Twitter intends to offer 70 million shares of the company at a price between USD17 and USD20, to possibly raise up to USD1.6 billion. It will be the largest technology IPO since Facebook went public in May 2012.
According to its IPO prospectus, Twitter now has 218 million monthly users and 500 million tweets are sent a day.
In Facebook’s first day of trading on the Nasdaq a problem in the exchange system meant that many traders did not know for hours, and in some cases, days afterwards whether their trades had successfully been completed.
The trading delays contributed to a drop in Facebook’s share price and the Nasdaq was subsequently fined USD10 million by the U.S. Securities and Exchange Commission.
Twitter, which will trade under "TWTR," is expected to go public as early as November 7.