Twitter has just set an initial price range for the shares of its IPO between $17 to $20, which would give the company an $11.1 billion valuation. Twitter also said it expects to make the offering available Nov. 6, according to a revised filing with the SEC, a week earlier than the IPO was anticipated.
According to the Wall Street Journal, the San Francisco-based social media companyn plans to sell up to 70 million shares to the public, while giving underwriters from supporting brokerage firms an option to sell an additional 10.5 million shares.
Interestingly the filing also revealed that nearly 87.1% of all outstanding shares will be restricted from immediately hitting the open market, however, there are 9.8 million shares owned by non-executive employees that could very well hit the streets as early as February 15. Twitter’s key investors, including executives, will own a 51.4% majority of the outstanding shares after the IPO is released.
Are you looking to get a piece of the Twitter IPO? See how Twitter’s IPO compares with other social network giants that went public.