Twitter disclosed on Thursday that it planned to price its eagerly awaited initial public offering at $17 a share to $20 a share, as it readies a road show for investors.
The company plans to sell 70 million shares. At the midpoint of the price range, the social network would raise nearly $1.3 billion. And the offering would value Twitter on a fully diluted basis at more than $12 billion.
That would make Twitter four times as big as AOL, but only a fraction of Facebook, which has a market value of more than $127 billion.