Twitter's offering is the most high-profile Internet IPO since Facebook's rocky debut in May 2012, in which the company's shares fell below their offering price in the ensuing days.
The company and its underwriters will begin a two-week road show on October 28 in New York and will stop in Boston and the mid-Atlantic region before touching down in Chicago, San Francisco, Los Angeles and Denver, according to a source familiar with the offering.
The company could choose to raise the price of the offering during that period after gauging investor interest. In the case of Facebook, the company initially priced its shares at a minimum of $28 before ultimately raising it to $38 shortly before listing. Aside from raising the share price, Facebook also increased the size of its float - something that one out of 20 companies choose to do before their IPO, according to PrivCo's Hamadeh.
Twitter, which has roughly 230 million active users, has said it plans to list its stock under the "TWTR" symbol on the New York Stock Exchange.
The eight-year-old company more than doubled its third-quarter revenue to $168.6 million, but net losses widened to $64.6 million in the September quarter, it disclosed in a filing earlier this month.
(Reporting by Alexei Oreskovic, Gerry Shih, Poornima Gupta; editing by Bernard Orr and Matthew Lewis)
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