Investing.com - Twitter raised the price range of its initial public offering by 25% on Monday, amid strong investor demand ahead of its stock market floatation later this week.
The company said it will now sell shares for between USD23 and USD25, up from between USD17 to USD20. It is selling 70 million shares and the revised share valuation will increase the potential size of the offering to USD2 billion from USD1.6 billion.
It will be the largest technology IPO since Facebook went public in May 2012.
The micro-blogging network currently has 218 million monthly users, but has yet to make a profit. In the first half of 2013 Twitter made a loss of USD69 million and posted revenues of USD254 million.
Twitter was expected to close the books on the IPO later Tuesday, a day earlier than scheduled, due to huge investor demand. The final price of Twitter's IPO was to be set on Wednesday.
Shares in Twitter, which will trade under the symbol "TWTR," were expected to begin trading on the New York Stock Exchange on Thursday.
The NYSE has already held a successful test run for Twitter’s IPO, in an attempt to avoid the technical problems that plagued Facebook’s debut on the Nasdaq last year.
Goldman Sachs is acting as the lead underwriter for the offering, along with Morgan Stanley and JPMorgan Chase.
Twitter also said Monday that it had received a letter from IBM alleging that it was infringing on three of IBM’s U.S. held patents. The company said it believes it has "meritorious defenses to IBM's allegations."
The company said it will now sell shares for between USD23 and USD25, up from between USD17 to USD20. It is selling 70 million shares and the revised share valuation will increase the potential size of the offering to USD2 billion from USD1.6 billion.
It will be the largest technology IPO since Facebook went public in May 2012.
The micro-blogging network currently has 218 million monthly users, but has yet to make a profit. In the first half of 2013 Twitter made a loss of USD69 million and posted revenues of USD254 million.
Twitter was expected to close the books on the IPO later Tuesday, a day earlier than scheduled, due to huge investor demand. The final price of Twitter's IPO was to be set on Wednesday.
Shares in Twitter, which will trade under the symbol "TWTR," were expected to begin trading on the New York Stock Exchange on Thursday.
The NYSE has already held a successful test run for Twitter’s IPO, in an attempt to avoid the technical problems that plagued Facebook’s debut on the Nasdaq last year.
Goldman Sachs is acting as the lead underwriter for the offering, along with Morgan Stanley and JPMorgan Chase.
Twitter also said Monday that it had received a letter from IBM alleging that it was infringing on three of IBM’s U.S. held patents. The company said it believes it has "meritorious defenses to IBM's allegations."