Updated from 5:09 p.m. EST to provide revenue information in the fifth paragraph.
NEW YORK (TheStreet) -- After dominating headlines for weeks, Twitter (TWTR) went public with a bang, near doubling mere minutes after its float. In one of the most highly-anticipated IPOs of 2013, demand was high and investors desperate for a piece of coveted stock.
The San Francisco-based company priced its offering at $26 per share late Wednesday. Similar to its initial IPO offering, Twitter used its own social networking platform to reveal its final pricing. Goldman Sachs (GS) was the lead underwriter for the offering with Morgan Stanley (MS), JPMorgan (JPM) and Bank of America (BAC) as co-underwriters. 
The $26 per share offer was upwardly revised from the company's previous range of $23 and $25 a share and significantly higher than early estimates of $17 to $20. After closing its first trading day 74.7% higher at $44.90, the social network's total market cap is in excess of $24 billion. At its initial $26 pricing, the company was valued at more than $18 billion. Twitter reported $422 million in revenue through the first nine months of 2013, an increase of 120% from year-ago levels. About 70% of the company's advertising revenue comes from mobile, an excellent sign given it is primarily thought of as a mobile-first experience.
No comments:
Post a Comment