In its second-largest acquisition, Amazon buys the company for $970 million.
The social network says its share price will be between $17 and $20.
Twitter Inc. says it is worth at least $12 billion, according to its filing today with the U.S. Securities and Exchange Commission.
The social network says it will price its shares between $17 and $20. Given that the company plans to sell up to 70 million shares, the initial public offering could raise up to $1.4 billion.
For the sake of comparison, Facebook set its share price at $38 when it went public last year and its IPO raised more than $18.4 billion. Facebook’s share price today is about $52 and its market value roughly $127 billion.
Twitter is increasingly garnering marketers’ ad dollars. For instance, in the third quarter it generated $153.4 million in ad revenue in the third quarter, up 123% from $68.7 million in the same period a year earlier. However, unlike Facebook prior to its IPO, Twitter has yet to turn a profit.
Twitter will list its shares on the New York Stock Exchange.