Twitter offers shares at $26 each, raising valuation to $14.2bn

 

Microblogging site Twitter has reportedly raised $1.82 billion in its highly anticipated public debut, after Facebook's in 2012.

In the most closely watched initial public offering ever by a tech company, Twitter offered 70 million shares, priced at 26 dollars each, higher than the earlier proposed price of 17-20 dollars.

According to The Sydney Morning Herald, the sale of shares has valued the microblogging site at 14.2 billion dollars.

Goldman Sachs led the sale, working with Morgan Stanley and JPMorgan Chase.

The company currently headed by Dick Costolo, set up six years back, hasn't seen profit, but boasts of over 230 million users and provides a strong advertising platform to marketers.

Matt Krna, a principal at Softbank Capital, which has a small stake in the company through its acquisition of Bluefin Labs, said before the final pricing that with a company like Twitter which has such strong user base, one can confidently invest.

The report said that Twitter will begin trading under the New York Stock Exchange with the 'TWTR' symbol.