Twitter has chosen the New York Stock Exchange [NYSE] to handle its upcoming initial public offering [IPO] with the investor roadshow set to get underway within weeks.
The micro-blogging site opted for the NYSE ahead of tech-focused Nasdaq and it has lead many to speculated that the decision was influenced by the poor way the latter handled Facebook’s IPO in 2012.
"This is a decisive win for the NYSE. We are grateful for Twitter's confidence in our platform and look forward to partnering with them," said Scott Cutler, head of NYSE's listings business.
With the decision now made two sources quoted by Reuters stated that it would kick off its investor roadshow on 28 October where shares will be pitched to Wall Street investors. Following this it’s expected the shares will start to trade from mid-November onwards.
The news came just a day after the company announced heavy losses to add to the significant losses it has experienced over the past three years. Despite this the company has been able to record large numbers in the revenue column and hopes that this will attract investors to take on shares.
In the third quarter revenue doubled to $168.6 million [£105.8 million] whilst at the same time losses increased from $21.6 million [£13.5 million] last year to $64.6 million [£40.5 million] this time round.
The company stated that its revenue is increasingly coming from mobile devices as users opt for portable devices when they sign on to the site with 70 per cent of advertising revenue coming from mobile devices – a rise from 65 per cent in the previous quarter.
Twitter announced it was launching an IPO by tweeting last month it had filed with the Securities and Exchanges Commission. It’s expected the site will fetch as much as $30 [£18.64] per share with one analyst predicting that it could reach as much as $50 [£31.07] within a year of debuting.