Twitter shares 'pop' 72% higher than IPO on first day of trading.
The microblogging site's shares, listed under the New York Stock Exchange, with the stock symbol 'TWTR', were bought by investors at the opening price of 45.10 dollars, initially priced by Twitter at 26 dollars each.
According to Fox News, after Facebook's hot public debut last year, Twitter's IPO generated huge-first day pop, underscoring how intrigued investors are with its potential and their willingness to shrug off its relative financial immaturity.
The microblogging site raised 2.1 billion dollars in its IPO, making it the No. 2 US Internet IPO behind Facebook's 16 billion dollars and just ahead of Google's 1.92 billion dollars.
The report said that Twitter's shares surged as high as 50.09 dollars on the first day of trading, up 92.7 percent from the IPO price.
The company had announced to float 70 million shares at just 17 to 20 dollars range per share, but then hiked that range due to very strong demand.
Twitter's 45 dollars open price values the company at a whopping 77 times trailing revenue.
The strong investor demand for Twitter's shares comes despite the fact that the micro-blogging company is not expected to post a profit until 2015 or even 2016, the report added. ( ANI )
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|Publication:||Asian News International|
|Date:||Nov 8, 2013|
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