4 Nov 2013

Twitter to list on Wall Street

2:33 pm on 4 November 2013

Twitter is to list on Wall Street this week with the social media company's public offering generating levels of interest not seen since Facebook floated in 2012.

Twitter is expected to price its IPO on Thursday and begin trading on Friday, New Zealand time.

The company will trade under the TWTR symbol on the New York Stock Exchange, breaking from the Nasdaq market used by a large number of tech companies.

Twitter appears to have learned a lesson from Facebook's debacle in May 2012 which was marked by trading glitches, accusations about secret information and a plunge in the share value for months after the float, AFP reports.

Twitter will seek to raise up to $US1.6 billion - one tenth the value of the Facebook IPO - by offering 70 million shares priced in a range between $US17 and $US20.

That's a relatively small chunk of Twitter's capital and implies a market value of between $US9.3 billion and $US11.1 billion.

Analysts say Twitter, unlike Facebook, will not flood the market with shares, and that, with demand exceeding supply, the price will rise.