Twitter set its Initial Public Offering price at USD26 per share late Wednesday.The social media company gave this announcement through a company tweet, according to a report by CNN.
The social media company ended up setting its IPO price above the previously announced range of USD23 to USD25 per share. It had also previously announced an IPO price range between USD17 to USD20. It is aiming to raise USD1.8 billion through the sales of 70 million of its shares through IPO, said the report.
Most of Twitter's customers will be large institutional investors, including hedge funds and mutual funds. The internet giant will release the share to those buyers on Wednesday and its underwriters can choose to buy another 10.5 million of its shares, CNN said.
Regular investors can start buying on Thursday morning. Twitter will use the ticker "TWTR" when it begins trading on the New York Stock Exchange on Thursday morning, the report stated.
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