POSTED: 10:29 a.m. HST, Oct 24, 2013
LAST UPDATED: 10:31 a.m. HST, Oct 24, 2013
NEW YORK » Twitter has set a price range of $17 to $20 per share for its much-anticipated initial public offering and says it could raise as much as $1.6 billion in the process.
Twitter Inc. said in a regulatory filing today that it is putting forth 70 million shares in the offering. If those are sold, the underwriters can buy another 10.5 million shares.
The San Francisco-based short-messaging service plans to list its stock under the ticker symbol "TWTR" on the New York Stock Exchange.
Twitter's IPO will be much smaller than Facebook's, which was marred by technical glitches on the Nasdaq stock exchange. Those problems likely led Twitter to the New York Stock Exchange. The company's stock should begin trading within the next few weeks.