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NYSE Holds Successful Dry Run San Francisco-Based Twitter IPO

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(credit: Thinkstock)

(credit: Thinkstock)

SAN FRANCISCO (CBS SF) — The New York Stock Exchange says its test run of Twitter’s initial public offering was a success, as the exchange takes pains to avoid the technical problems that marred Facebook’s debut.

Twitter will be the biggest technology IPO since Facebook went public in May 2012. While Nasdaq won Facebook’s listing, one of the biggest IPOs in years, the debut was hit with trading delays and order failures. The Securities and Exchange Commission later fined Nasdaq $10 million, the largest sum ever levied against an exchange.

Twitter, which is expected to go public sometime before Thanksgiving, has chosen to list on the New York Stock Exchange. It plans to sell 70 million shares between $17 and $20 each for a possible take of $1.6 billion. Shares will trade under the ticker “TWTR.”

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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