Twitter sets price range, to raise up to $1.4 billion in IPO

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.