Twitter Inc priced its initial public offering above its expected range to raise more than $1.8 billion, in a sign of strong investor demand for the most highly anticipated U.S. public float since Facebook Inc.
The microblogging network priced 70 million shares at $26, above the expected range of $23 to $25, which had already been raised once before.
The IPO values Twitter at $14.1 billion, with the potential to reach $14.4 billion if underwriters exercise an over-allotment option, as they are widely expected to.
Some analysts say they expect shares of Twitter to experience a small pop during the first day of trading. Twelve-month price targets on the stock range from $29 to $54.
source: www.abs-cbnnews.com
