Micro-blogging site Twitter has said that its much-anticipated IPO, which is scheduled next month, could raise as much as $1.6 billion. The US-based firm had earlier said its initial public offer (IPO) could raise $1 billion.
In a regulatory filing on the US Securities and Exchange Commission (SEC), Twitter said it will sell 70 million shares in the range of $ 17-20 apiece and also has the option to sell additional 10.5 million shares.
“It is currently estimated that the IPO price per share will be between $ 17 and $ 20. Our common stock has been approved for listing on the New York Stock Exchange under the symbol 'TWTR',
the filing said on FridayThe IPO will value the company at $10.9 billion.In the filing, the social media major said: “The common stock to be outstanding after this offering will be 544,696,816 shares.”