Twitter announces IPO details
Micro blogging site, Twitter Inc has announced the plans for its upcoming initial public offering on Thursday indicating that it is aiming to raise about $1 billion from the issue.
The company revealed more details of the IPO after confidentially filing for the issue with the authorities. The social blogging network with more than 200 million members worldwide has said that it has filed S-1 to the Securities and Exchanges Commission for its planned initial public offering.
Twitter is expected to be valued at up to $20 billion after its shares starts trading.
"We anticipate that our user growth rate will slow over time as the size of our user base increases," the company said in its announcement.
Twitter Inc has indicated that it is picking the New York Stock Exchange instead of Nasdaq for its initial public offering, according to people closer to the matter. The issue is will enrich Twitter's multi-millionaire founders. Jack Dorsey, Twitter's chairman has a 4.9 per cent stake in the company, Evan Williams, the former CEO and fellow co-founder has a 12 per cent stake while Dick Costolo, CEO, holds a 1.6 per cent stake in the company.