UPDATE 11:15 AM 11/07/2013: Twitter shares opened at $45.10 per share — 73% over its initial public offering price — as investors clamored to get a piece of the as-yet unprofitable social company’s business. Twitter shares began trading at about 10:50 a.m. Thursday on the New York Stock Exchange, under the symbol “TWTR.”
Twitter late Wednesday priced its shares at $26, as the social networking firm prepared to go public Thursday morning in the splashiest initial share offering since Facebook's (FB) May 2012 market debut.
According to Marketwatch, that price came in above the microblogging firm's expected range, indicating strong investor demand for the company's stock. Twitter on Monday increased the range to between $23 and $25 after initially setting it at $17 to $20.
The company raised more than $1.8 billion in the offering. The $26 per share price values Twitter at more than $14 billion based on its outstanding stock, options and restricted stock that will be available after the IPO.
The San Francisco-based short messaging service is offering 70 million shares in the IPO, plus an option to buy another 10.5 million.