Twitter’s initial public stock will sell at $17 – $20 per share, and the company could raise as much as $1.6 billion from the offering, Twitter Inc. announced Thursday. The IPO will be the largest in the technology sector since Facebook went public in May 2012, raising $16 billion on shares priced at $38 each.
Twitter is issuing 70 million shares. If sold, the underwriters will be able to purchase another 10.5 million shares, the Associated Press reports. Twitter will be known as “TWTR” on the New York Stock Exchange.
The messaging site has some 230 million active users who send 500 million tweets each day. While revenues are rising, the six-year-old, San Francisco-based startup has yet to turn a profit.
TWTR should begin trading within the next few weeks.