Twitter prices IPO at $17-$20 a share for $10.9bn valuation

Twitter said this evening it intends to sell 70 million shares priced between $17 and $20 in an initial public offering that will value the company at as much as $10.9 billion (€7.9 billion).

Twitter said it planned to raise between $1.25 billion and $1.44 billion in the offering, according to an amended version of its prospectus filed today.

The valuation is lower than the $15 billion that some analysts expected the web social media company to seek in its hotly anticipated IPO.

But Twitter, which has said it plans to list its stock under the “TWTR” symbol on the New York Stock Exchange, could increase the price range as it moves closer to the offering.

Twitter is expected to begin its pre-IPO roadshow next week as it gears up for an offering expected in November.

Twitter said there will be 544,696,816 shares of its common stock outstanding after the offering.

Reuters