Twitter increases proposed range to $23 to $25, deal size is now $1.75 billion

By Renaissance Capital,

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Twitter, an online social networking and microblogging service, raised the proposed deal size for its upcoming IPO on Monday. The San Francisco, CA-based company now plans to raise up to $1.75 billion by offering 70.0 million shares at a price range of $23 to $25. The company had previously filed to offer the same number of shares at a range of $17 to $20. At the high end of the revised range, Twitter would raise 35% greater proceeds than previously anticipated and would command a fully diluted market cap of $17.3 billion, up 35% from its previously proposed market cap of $12.8 billion.

Twitter, which was founded in 2006 and booked $534 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol TWTR . Goldman Sachs, Morgan Stanley, J.P. Morgan, BofA Merrill Lynch and Deutsche Bank are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: TWTR

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