If the stock market were a pinball machine, it would read “TILT!” Twitter shares made their debut yesterday… and immediately went ballistic – up more than 77% at midday. Institutional investors picked up more than 90% of the available shares. And, unfortunately for investors left with the remaining 10%, the sky-high share price has nothing whatsoever to do with the company’s fundamentals.
Here’s how those investors were hoodwinked…
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Twitter, in keeping with its conservative approach to its forthcoming IPO, has set an offer price at about 9.5 times projected 2014 sales -- making it cheaper than other hot social media stocks like Facebook and LinkedIn. No doubt, the Twitter IPO will set the market on fire - at least on Day One. But before you get too excited,
there's something you should know about the latest tech darling...
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San Francisco-based Twitter Inc. (NYSE: TWTR) has found a new home on Wall Street: the Big Board.
"We intend to list the common stock on the New York Stock Exchange under the symbol TWTR," read Tuesday's amendment to the company's Form S-1 filing with the U.S. Securities and Exchange Commission.
Twitter's roadshow to meet with potential investors will take place from Oct. 28 to Nov. 6. The stock is expected to price Nov. 14 and begin trading on Nov. 15, CNBC reported.
The Twitter IPO is one of the most hotly anticipated initial public offerings of 2013 - but the company faces a number of obstacles.
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According to some sleuthing from PrivCo, a New York-based firm engaged in the research of privately held companies, the Twitter IPO date is Nov. 15.
PrivCo came to the conclusion based on the proposed expiration date of the company's lock-up period (when employees are allowed to sell their restricted stock). PrivCo found in the company's preliminary prospectus filed with the U.S. Securities and Exchange Commission on Oct. 3 that the end of the lock-up period was listed as Feb. 15, 2014. The lock-up period typically ends 90 days from the initial public offering (IPO) date.
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