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Twitter shares priced at $26 each

Posted: Thu Nov 07, 2013 2:27 pm
by Shivani
Twitter priced it shares at $26 each..Twitter’s TWTR 0.00% price makes its IPO worth $1.82 billion and marks the second biggest debut ever for an Internet company — even eclipsing the size of Google’s IPO in 2004. Twitter is expected to begin trading Thursday morning on the New York Stock Exchange under the ticker symbol “TWTR.”

Twitter has attracted 230 million users since starting seven years ago, but is yet to make a profit.Its losses for the third quarter of 2013 increased to $64.6m, from $21.6m a year earlier and a recent poll by Reuters/Ipsos showed that more than a third of registered users do not use the service at all.

The price of $26 gives Twitter a market cap of about $14 billion. That puts it above other recent social-Internet firms such as Groupon GRPN -1.35% and Yelp YELP +0.36% , but below LinkedIn LNKD -0.17% at $26.8 billion, or Facebook with a market cap of about $120.2 billion

Twitter is selling 70 million shares, which will raise $1.82bn, for the company.Unlike Facebook, Twitter has chosen to trade its shares on the New York Stock Exchange.