BUSINESS

Twitter raises price range for initial public offering, could raise more than $2B

11/04/2013 09:49 EST | Updated 01/23/2014 10:52 EST
NEW YORK, N.Y. - Twitter's IPO could now raise more than $2 billion.

Twitter Inc. says in a regulatory filing that it now plans to price its shares at between $23 and $25 each. It previously planned to sell the shares for between $17 and $20 each.

Twitter still plans to sell 70 million shares. If all of those shares are sold, the offering's underwriters can buy another 10.5 million shares.

At the $25 share price, Twitter's market value would be around $15.6 billion. Twitter's value is based on 625.2 million outstanding shares expected after the offering, including restricted stock units and stock options.

The San Francisco-based short-messaging service plans to list its stock under the ticker symbol "TWTR" on the New York Stock Exchange. The shares are expected to start trading this week.