Twitter prices IPO at $26, above the upwardly revised range


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Twitter, an online social networking and microblogging service with more than 230 million monthly active users, raised $1.82 billion by offering 70 million shares at $26, above the upwardly revised range of $23 to $25. The company had initially filed to offer the same number of shares at a range of $17 to $20.

Twitter raised 41% greater proceeds than previously anticipated and its $1.82 billion offering is the third largest of 2013 (behind Plains GP Holdings and Zoetis). The San Francisco, CA-based company now commands a fully diluted market cap of $17.9 billion (the largest since Facebook and only the sixth company since 2007 to have a $17 billion+ market cap) and an enterprise value of $16.0 billion.

Twitter will 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

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