Ahead of going public in the coming days, Twitter has raised the price range for its initial public offering to $23 to $25 a share, according to a Securities and Exchange Commission filing Monday.
When Twitter disclosed its initial range at $17 to $20 last week, many had said the company was pricing itself below fair valuation to avoid a repeat of Facebook’s IPO stumbles out the gate. Debuting at $38, Facebook’s shares stagnated at about $20 for a number of months and only regained their loss when the stock began surging earlier this summer.
The new price range could raise $2.01 billion for Twitter, making it the second-largest tech IPO in U.S. history, behind Facebook when it raised $16 billion last year and ahead of Google’s $1.9 billion raised in 2004 when it went public. The new target price would value Twitter as high as $17 billion.AT