POSTED: 11:37 a.m. HST, Nov 06, 2013
LAST UPDATED: 02:01 p.m. HST, Nov 06, 2013
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."