Twitter plans to offer 70 million shares priced between $17 and $20 when it goes public in the coming weeks, which means the company may raise as much as $1.4 billion in its initial offering.
The company revealed the share price and volume in an update to its S-1 filed with the SEC on Thursday afternoon, which also announced that it has been approved to list on the New York Stock Exchange. Twitter had previously announced that it was seeking to raise $1 billion in its public offering.
To put that in context, Twitter's IPO will be significant smaller than Facebook's, which sold more than $400 million shares priced at $38 each and raised $16 billion from the public offering.
Previous reports suggested that Twitter would go public on or around Nov. 15, though more recent reports now suggest the IPO could be as soon as Nov. 6. Based on the new numbers, Twitter's market valuation would be around $11 billion, though it's likely the pricing and number of shares will increase between now and the IPO.
Image: Flickr, busterbenson.com