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Tech

Twitter IPO Could Raise Over $2B

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(NICHOLAS KAMM/AFP/GettyImages)

(NICHOLAS KAMM/AFP/GettyImages)

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SAN FRANCISCO (CBS/AP) — Twitter’s IPO could now raise more than $2 billion.

Twitter Inc. says in a regulatory filing that it now plans to price its shares at between $23 and $25 each. It previously planned to sell the shares for between $17 and $20 each.

Twitter still plans to sell 70 million shares. If all of those shares are sold, the offering’s underwriters can buy another 10.5 million shares.

At the $25 share price, Twitter’s market value would be around $15.6 billion. 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 are expected to start trading this week.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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