Twitter unveils $1bn IPO

Microblogging site Twitter went public with for a 1 billion dollar initial public offering, after weeks of hyped anticipation.

Although, Twitter is growing at a rapid pace, accounting for 198 percent revenue growth in 2012, documents suggest that it is not currently profitable as the company reported a net loss of 69.3 million dollars for the first six months.

According to Fox News, Twitter's one billion dollar debut is only a fraction of Facebook's whopping 16 billion dollar raised in its debut in 2012.

Twitter's conservative approach suggests that it has learnt lessons from Facebook's IPO debut, which was marred by technical glitches and the stocks plummeted due to concerns about an overly-aggressive valuation and lack of mobile revenue.

The company plans to list under the ticker symbol 'TWTR' and did not reveal which exchange it will list on, but said that it tapped Goldman Sachs, Morgan Stanley and JPMorgan Chase as its lead underwriters.

Other banks involved in the IPO include Bank of America Merrill Lynch, Deutsche Bank and Allen and Co.

Twitter said that it expects to use the proceeds from its IPO for general corporate purposes, to fund capital expenditures, satisfy tax withholdings and for potential acquisitions, the report added.