Twitter sets $17 to $20 per share range for IPO

Source: AP-Excite

By BARBARA ORTUTAY

NEW YORK (AP) - Twitter has set a price range of $17 to $20 per share for its initial public offering and says it could raise as much as $1.6 billion in the process. The pricing is relatively conservative considering that Twitter is poised to pull off the year's hottest IPO.

Twitter Inc. (TWTR) said in a regulatory filing Thursday that it will put forth 70 million shares in the offering. If all the shares are sold, the underwriters can buy another 10.5 million shares.

At the $20 share price, Twitter's market value would be around $12.5 billion, roughly one-tenth of Facebook's current valuation. Twitter's value is based on 625.2 million outstanding shares expected after the offering, including restricted stock units and stock options.

The San Francisco-based short-messaging service plans to list its stock under the ticker symbol "TWTR" on the New York Stock Exchange. The shares will likely start trading in early November. Twitter will begin its IPO "roadshow" as early as Friday, meeting with prospective investors to pitch its stock.

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This Oct. 18, 2013, file photo shows a Twitter app on an iPhone screen in New York. Twitter Inc. said in a regulatory filing Thursday, Oct. 24, 2013, that it is putting forth 70 million shares in the initial public offering. (AP Photo/Richard Drew, File)