The micro-blogging site increased the price range for its shares to $23 to $25 apiece.
Twitter Inc. today increased the price range for its shares from $17 to $20 per share to $23 to $25 per share, according to a filing with the U.S. Securities and Exchange Commission. The new share prices value Twitter at $15.98 billion to $17.37 billion.
The social network plans to sell 70 million shares, which means its initial public offering could raise up to $1.75 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 $49.
Twitter is increasingly claiming more of marketers’ ad dollars. For instance, in the third quarter it generated $153.4 million in ad revenue, 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 says it lost $133.9 million in the first three quarters of the year, up from a $70.7 million loss in the same period a year earlier. Twitter says it lost $79.4 million in 2012, down from a $161.4 million loss in 2011.