Higher Demand Seen for Twitter IPOSocial Media Company Raises Target Price to $23 to $25 Range 11/05/2013 12:27 PM Eastern
Increased demand for shares among institutional investors for its upcoming IPO has convinced Twitter to raise the target price range of its shares, according to the Wall Street Journal and other publications.
Twitter had initially said it would price them at $17 to $20 a share but has now raised the range to $23 to $25 for the 70 million shares it plans to sell. At the higher price, the company would be worth as much as $13 billion.
Twitter is expected to price its shares on Wednesday, Nov. 6 and trading on the New York Stock Exchange should begin the following day.