Twitter Prices IPO
The much-ballyhooed IPO of Twitter now has a price tag. The company's shares will hit the market at $26 per share on their debut tomorrow, it announced -- fittingly -- in an official tweet linking to the announcement.
In what is sure to be one of the top tech IPOs so far this century, the micro-message broadcasting purveyor is floating 70 million shares of its common stock on the New York Stock Exchange. Those shares are expected to be listed under the ticker symbol TWTR, and the company's underwriters have been granted a 30-day option to buy up to an additional 10.5 million of them.
The offering's book runners are Goldman Sachs, Morgan Stanley, JPMorgan Chase unit J.P. Morgan, Bank of America's Merrill Lynch, and Deutsche Bank Securities.
Despite the popularity of its services, Twitter as a company is well in the red. So far this year, its net loss is almost $134 million on revenue of $422 million.
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