Twitter Will Be Listed On The NYSE For $1.5B IPO
Twitter recently filed an S-1 to go public with the SEC. While there was speculation that NASDAQ would be the home for the popular micro-blogging, Twitter has decided to go with the New York Stock Exchange (NYSE) instead.
This is not a surprise considering the two major glitches that the NASDAQ as Facebook went public and another glitch after that, one of them being as recent as this month. It took about a year for Facebook to recover from the NASDAQ glitch that took place on their IPO day. This was largely due to analyst skepticism regarding Facebook’s mobile strategies. Meanwhile, LinkedIn’s stock price has been surging on the NYSE.
Twitter will sell between 50 million and 55 million shares during the IPO. The price is expected to be at between $28 and $30 each. Twitter will raise between $1.4 billion and $1.65 billion from the IPO. Twitter will have a valuation at between $15 and $16 billion on the stock exchange.
Yesterday we reported that Twitter is also looking for a $1 billion credit line to help take care of acquisitions leading up to the IPO and to help pay taxes on employee stock awards.