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TWITTER IPO LIVE: Twitter stock debut imminent
New York » Twitter's stock debut is imminent. There's indication that Twitter could start trading at up to 79 percent above its IPO price.
Twitter's trading debut is the most highly anticipated since Facebook's last year. Twitter will trade under the ticker symbol "TWTR."
Twitter priced the initial public offering of stock at $26 per share, valuing the company at more than $18 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. The pricing means the short messaging service will raise $1.8 billion in the offering, before expenses.
The high price comes despite the fact that Twitter has never turned a profit in seven years of existence. Revenue has been growing, but the company is also investing heavily in more data centers and hiring more employees.
Here's a running account of Twitter's first day of trading, presented in reverse chronological order. All times are EST.
— 10:45 a.m. AP's (at)KenSweet says current bid is $45.25. The debut is near in (hash)TwitterIPO.
— 10:40 a.m.: Patrick Stewart tweets on (hash)Ring of opening bell as Twitter trade debut imminent.
RT (at)SirPatStew: Honored to join (at)ev (at)jack (at)biz (at)dickc & the (at)Twitter team at their historic IPO this morning. (hash)Ring! pic.twitter.com/XaJpYW2kIh
— 10:35 a.m.: It's getting close to Twitter's stock debut. First indication for opening price is even narrower: $45.50-$46.50.
The high end would be 79 percent above its IPO price.
— 10:30 a.m.: AP's (at)KenSweet now says opening price narrowed: $45-$47.
He reports: "This is a good sign. Could mean we're finding the right price. Progress."
— 10:20 a.m.: AP's (at)KenSweet says opening price is expected even higher: $43-$47.