4:56 pm - Wednesday February 20, 2019

Twitter seeks $10.9bn valuation in IPO

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Twitter seeks $10.9bn valuation in IPO
Twitter seeks $10.9bn valuation in IPO

Wellington – Twitter is reportedly having modest ambitions for its public debut, expecting raise of up to 1.6 billion dollars leading the microblogging site to a valuation of up to 10.9 billion dollars.

Twitter’s valuation is a little underwhelming than the market expectations of 15 billion dollars.

According to stuff.co.nz, taking lessons from rival Facebook’s marred IPO debut last year, Twitter intends to sell 70 million shares priced between 17 dollars and 20 dollars.

Analyst Sam Hamadeh of PrivCo said that Twitter’s pricing is conservative and likely going to be raised as they start the road show at least once if not twice, adding that the size of the offering is also a bit small.

He further pointed out that Facebook initially priced its shares at a minimum of 28 dollars before ultimately raising it to 38 dollars and the company also increased the size of its float before the IPO.

The report said that Twitter is expected to set the price on November 6, which means it could go public as early as November 7.

The company said that there will be 544,696,816 shares of its common stock outstanding after the offering.

Twitter boasts of 230 million active users and will be trading under the ‘TWTR’ symbol on the New York Stock Exchange, the report added.

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