Twitter seeks US$1.75b in costlier IPO
Print Edition
Twitter Inc boosted the price range for its initial public offering to US$23-25 per share yesterday, as the microblogging network now seeks to raise up to US$1.75 billion.
The previous range was US$17-20 per share.
Twitter also said it has received a letter from International Business Machines Corp alleging Twitter infringed at least three US patents held by IBM.
With Twitter selling 70 million shares in the offering, the firm would be valued at more than US$13 billion under the new price range.
Twitter’s IPO is fully subscribed, meaning it has attracted more than enough investor interest, said a source familiar with the offering.
“This is not a surprise,” said Kim Forrest, senior analyst Fort Pitt Capital Group, which manages US$1.5 billion in assets. “The people underwriting the IPO have a responsibility to the company selling these shares to extract the highest price it can. It has to walk a fine line to make it attractive to investors.”
Twitter has spoken with potential investors in the country over the last week.
Twitter’s IPO is set to price tomorrow, with shares trading on the New York Stock Exchange on Thursday.
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