Twitter Goes Public With Amazing Stock Rises in Stock Market Debut
Twitter opened up to the public with a tweet recently that they have priced their shares at $26.
On Wednesday, Twitter’s shares opened at $45.10 on their first day of trading this morning, well above the $26 price set by the microblogging outfit and its bankers on Wednesday.
In the first few minutes of trading, more than 11 million TWTR shares changed hands on the New York Stock Exchange, evidence of strong demand for the highest-profile internet offering since Facebook debuted a year and a half ago.
Twitter and its bankers saw evidence of this market enthusiasm in the days leading up to today’s initial public offering(IPO), hiking the estimated price range on Monday and closing the order book early on Tuesday.
The debut on the New York Stock Exchange came under t!cker symbol “TWTR.”
Twitter, led by CEO D!ck Costolo, earlier this week had already raised the price range for its IPO amid signs of strong demand. The company’s market debut is the biggest U.S. tech IPO since Facebook, which went public in May 2012.
The company, which has been looking for ways to bring in revenue, lost $137 million in the past year. The San Francisco-based company started seven years ago to provide users a platform to share short messages with each other. Its user base has grown to 232 million.
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