Twitter hopes to make its initial public offering [IPO] filing public in the coming days with stocks set to debut on the New York Stock Exchange [NYSE] prior to Thanksgiving.
Quartz quotes a source “familiar with the plan” as stating the filing will be revealed later this week and that it will hit the market before 28 November, which is Thanksgiving in the USA.
The same source adds that it could be delayed for a plethora of different reasons including “changes to the prospectus”, “market conditions”, or “a US government shut down”.
It’s the second time the pre-Thanksgiving date has been mentioned regarding the Twitter IPO and makes it very possible that Twitter will end up launching the IPO under three months after the announcement back in September.
Twitter is still yet to confirm whether the IPO will launch with the NYSE despite heavy rumours last week that it will choose NYSE over Nasdaq with the decision down, in part, to the disastrous way the latter handled Facebook’s IPO last year.
The micro blogging site announced its IPO in trademark style with a Tweet explaining on 12 September it had confidentially submitted the correct documentation to the US Securities and Exchange Commission [SEC].
It has been able to stay reasonably tight-lipped about the filing due to fact it can file confidentially under the Jumpstart Our Business Startups Act. The act states any company making less than $1 billion [£632.5 million] in annual revenue can file confidentially.
Estimates put Twitter’s stock market worth at $15 billion [£9.3 billion] and it’s anticipated the IPO alone will garner the micro blogging site $1.5 billion [£940 million].
Twitter follows Facebook in filing an IPO and will look to avoid the problems that befell the social networking giant when it filed back in 2012. Facebook went with Nasdaq for its IPO with a string of errors that ended up costing the stock exchange $10 million [£6.25 million] in SEC charges and $62 million [£38.7 million] for a fund to help firms left out of pocket.