Twitter on Monday increased the price range for its coming initial public offering, according to an updated SEC filing.
While the initial range was $17-$20, shares are now expected to go for between $23 and $25. At 70 million shares, the market value could be as much as $13.6 billion, Bloomberg reports. That would put Twitter’s share price relative to sales just slightly higher than Facebook, at 11.8 times estimated sales (compared to Facebook’s 11.5 times estimated sales),
Reuters, citing unnamed sources, reports that Twitter will close its IPO books a day early, on Tuesday at 12 p.m., due to what the company says is strong demand. Twitter and Goldman Sachs, which is leading the IPO, did not confirm that report.