Twitter has
released an indicative price range for its primary offering, setting the
potential proceeds at up to $1.40 billion.
The company
will sell 70 million shares for $ 17-20 per share, according to an amended
prospectus. It says the IPO will start as soon as possible after the filing
takes effect. The underwriters will have an option to sell another 10.5 million
shares if demand is strong.
The sale will see around 13.5 per cent of Twitter's shares listed
on the stock market. Its management owns another quarter of shares, and other
large shareholders include JP Morgan, Rizvi Traverse, Spark Capital and
DST.
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