Twit­ter IPO set for Thurs­day; open­ing price set at $26

The Washington Times Daily - - Business -

NEW YORK | Twit­ter has set a price of $26 per share for its ini­tial pub­lic of­fer­ing, which means the com­pany’s stock can be­gin trad­ing Thurs­day on the New York Stock Ex­change in the most highly an­tic­i­pated IPO since Face­book’s 2012 de­but.

The price val­ues Twit­ter at more than $18 bil­lion based on its out­stand­ing stock, op­tions and re­stricted stock that will be avail­able af­ter the IPO. That is more than Macy’s, which has a mar­ket cap­i­tal­iza­tion of $17 bil­lion, and Bed Bath & Be­yond, which is around $16 bil­lion.

The pric­ing means the short mes­sag­ing ser­vice will raise $1.8 bil­lion in the of­fer­ing, be­fore ex­penses. The com­pany is of­fer­ing 70 mil­lion shares in the IPO, plus an op­tion to buy another 10.5 mil­lion. If all shares are sold, the IPO will raise $2.09 bil­lion, mak­ing it the big­gest IPO for an In­ter­net com­pany since Face­book raised $16 bil­lion last year.

The com­pany, named af­ter the sound of a chirp­ing bird, is set to be­gin trad­ing Thurs­day morn­ing un­der the ticker sym­bol “TWTR.”

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