Twitter has set a price range of $17 to $20 a share for its much-anticipated initial public offering and says it could raise as much as $1.6 billion in the process.
Twitter Inc. said in a regulatory filing Thursday that it is putting forth 70 million shares in the offering. If all the shares are sold, the underwriters can buy an additional 10.5 million shares.
At the $20 share price, Twitter’s market value is around $12.5 billion. That’s based on 625.2 million outstanding shares expected after the offering, including restricted stock units and stock options.