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Twitter files for IPO
2013-09-13 08:53:00| Telecompaper Headlines
(Telecompaper) Twitter has confirmed it will list on the stock market. The company said on its official Twitter feed, "We've confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale." The company is using the Jumpstart Our Business Startups Act to keep its SEC filings private. The law took effect last year and aims to encourage more companies to raise capital publicly. Companies with less than USD 1 billion in annual revenues can keep their securities filings confidential until three weeks before the launch of an investor roadshow. The timing of the announcement suggests Twitter could launch on the public market before the end of 2013. On the day before the IPO was announced, Twitter shares were priced on the private market at USD 26 each for large blocks and USD 28 for small lots, giving the company a valuation of USD 13.7-14.4 billion, one investor who owns Twitter stock told the Financial Times. The investor said it was "absolutely clear" that Twitter had a working revenue model and potential investors would be able to see a point in the future where it would become profitable.
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Category:Telecommunications
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