Twitter raises price range for its IPO to $23-$25
With microblogging service Twitter's initial public offering (IPO) just round the corner, and its shares likely to start trading on Thursday, November 7, the company has recently raised the price range of its IPO.
In a move which underscores Twitter's bullish outlook in the wake of its trading debut this week, the company raised the price range for its IPO to $23-$25, on Monday morning.
The increase in price range by Twitter is a noteworthy move, especially since the company had said in an October 24 filing with the Securities and Exchange Commission that it intends selling 70 million shares in the range of between $17 and $20 each --- a range which was somewhat lower than the analysts' speculations.
As a result of the new $25 price range, the potential market value of Twitter increases by several billion dollars. If the company prices at the high end of the new price range, it would be valued at $13.9 billion at the start of its first day of trading; and would raise $1.75 billion.
Moreover, other than increasing Twitter's market value, the new price range will also likely increase the amount of money which the company will raise for itself. At the midpoint of the new price range, the Twitter IPO will raise approximately $1.7 billion for the company; thereby infusing it with enough capital to finance its growth.
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