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.