Twitter IPO: Trading Likely to Begin About 10 a.m.
November 7, 2013 by Paul Ausick
Whether Twitter chose to list on the NYSE rather than with the Nasdaq OMX Group Inc. (NASDAQ: NDAQ) because of the disastrous Nasdaq IPO of Facebook Inc. (NASDAQ: FB) is not a question that Twitter’s CEO has been willing to answer directly, saying only that the choice of the NYSE drew on the experiences of many Silicon Valley companies and industry best practices. Whatever.
Twitter is offering 70 million shares at $26 a share, above the expected range of $23 to $25. The underwriters have an option on another 10.5 million shares, and those are very likely to go today as well. A report in USA Today said that the IPO is between 10 and 30 times oversubscribed. That could stress the NYSE’s capabilities.
The company is expected to raise up to $1.8 billion, less than 20% the amount Facebook raised at its IPO. That should help ease some of the stress.
In any event, we only have a few more hours to wait to see how it all turns out. We have noted that some analysts have already initiated coverage on Twitter stock and set price targets as high as the mid-$40 per share range.
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.