NYSE Does A ‘Successful’ Test For A Twitter IPO
To avoid a Facebook-like Nasdaq IPO debacle, The New York Stock Exchange (NYSE) conducted a test for Twitter’s IPO, which is expected to take place sometime this month. This is the first time that the NYSE conducted a mock IPO. Traders from the participated firms met with NYSE to run simulated buy and sell orders to test out the flow of the orders.
“This morning’s systems test was successful, and we’re grateful to all the firms that chose to participate,” stated NYSE spokeswoman Marissa Arnold. “We are being very methodical in our planning for Twitter’s IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants.”
Twitter will be the largest technology IPO ever since Facebook went public in May 2012. However, Facebook was hit with trading delays and order errors on the day of their IPO. The Securities and Exchange Commission fined the Nasdaq $10 million for the debacle, which is the largest sum ever levied against an exchange.
Twitter will be selling 70 million shares between $17 and $20 under the ticket “TWTR.”