Twitter boosts IPO range amid strong investor demand2013-11-05 09:29 by DanielaTags: Twitter, IPO
On Monday, Twitter raised the price range for its IPO to $23 to $25 per share from an earlier range of $17 to $20, suggesting the company is getting strong interest from investors ahead of a likely stock market debut Thursday. This would give the microblogging service a market capitalization of $13.6 billion at the top end of the range. That's higher than Facebook's forward multiple of 11.4 times. Twitter shares are expected to begin trading on the New York Stock Exchange Thursday, under the symbol TWTR. The company plans to sell 70 million shares. A group of executives and founders, including CEO Dick Costolo, Chairman Jack Dorsey and co-founder Evan Williams, will own slightly over 22% of the company post-offering, while a group of institutional investors including Rizvi Traverse Management, JPMorgan, Spark Capital, Benchmark Capital Partners, Union Square Ventures and DST Capital will own approximately 46% of the shares. Twitter has said it plans to use the proceeds of the IPO to grow its advertising business, where it posts 140-character messages into people's Twitter streams. The company also plans to invest in international expansion. Read more -here-
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