Twitter IPO priced at $26 a share for Thursday debut
The Twitter bird logo is on an updated phone post on the floor of the New York Stock Exchange, Wednesday Nov. 6, 2013. Twitter is expected to price its initial public offering some time Wednesday night. The company recently raised its price range to $23-$25 per share, following strong investor demand, and is expected to start trading on the New York Stock Exchange on Thursday. (AP Photo/Richard Drew)
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 a share for its IPO, but analysts expected that to go higher.
The company raised the range on Monday to $23 to $25 a 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.”
