Initial Public Offering
Shares of Barracuda Networks Inc. jumped in their debut on the New York Stock Exchange on Wednesday.
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As Twitter prepares to complete its initial public offering of stock this week, the San Francisco company’s history of losses totaling nearly $500 million is raising questions about its ability to turn a cultural phenomenon into a sustainable business.
Twitter’s IPO could now raise more than $2 billion.
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 has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion in one of the year’s most eagerly awaited stock market debuts.
Twitter is so deeply ingrained in the cultural conversation that its initial public offering is likely to be a hot topic on its trend-setting service for the next few months. Its stock market debut is also likely to be the most scrutinized coming-out party since Facebook went public in May 2012 and promptly flopped.
Twitter finally has decided to go public, but it’s taking a route that will keep most of the details about its business private for a while longer.
Nasdaq has agreed to pay a $10 million penalty to settle federal civil charges after regulators said its systems and decisions disrupted Facebook’s public stock offering last year.
Shares of cloud-computing firm Workday rocketed higher in their first day of trading on the New York Stock Exchange.