Micro-blogging site, Twitter has said that it has filed S-1 to the Securities and Exchanges Commission for its planned initial public offering.

"We've confidentially submitted an S-1 to the SEC for a planned initial public offering," the company wrote on its official post. Private investors have said that the company will be valued at more than $10 billion and is expected to record revenues of about $583 million during 2013.

The company did not announce the date for the offering and did not provide additional details relating to the proposed offering yet. Under the current regulations, once a company has filed paperwork with US regulators for a planned IPO it is not allowed to discuss the matter with the media. The Securities and Exchanges Commission's website states that any company can file a confidential prospectus for a public share sale if it is classified by the authorities as an `emerging growth company' and has revenues of less than $1 billion.

The planned IPO of Twitter is much anticipated after the IPO from rival Facebook in the previous year that did not live up to its hype on the stock market. Twitter's tweet announcing its filing has been ted more than 8,000 times within an hour of its posting.