Twitter to List on New York Stock Exchange, Shuns Tech-Heavy Nasdaq
Twitter will file its initial public offering (IPO) on the New York Stock Exchange (NYSE) instead of the tech-heavy Nasdaq. Its amended S-1 form, a requisite for IPO proceedings in the United States, revealed the company's intentions.
This move by Twitter to list on the older stock exchange is in stark contrast with Facebook's IPO in May last year. Some people may speculate that Nasdaq was shunned by Twitter as the exchange bungled Facebook's IPO. Due to shaken investors' sentiments, there was a time when Facebook shares traded well below its IPO price, and Facebook CEO Mark Zuckerberg had to chime in order to shore up both investors' and employees' confidence in the company.
"From the nine months ended September 30, 2012 to the nine months ended September 30, 2013, revenue increased by 106% to $422.2 million, net loss increased by 89% to $133.9 million" (Excerpt from Twitter new S-1 Form, page 2)
On the other hand, Twitter has revealed in its new S-1 form that it will list on the New York Stock Exchange instead. Through the new filing, it is also made known that the company, from 30 September 2012 through 30 September 2013, brought in over US$422.2 million in revenue; however, its net loss increased by 82% to US$133.9 million, in the same period. In 2012, the company's revenue stood at US$316.9 million. The IPO exercise is expected to raise over USS1 billion for the company, and the IPO will be led by Goldman Sachs and other underwriters include Morgan Stanley, JP Morgan, BofA Merrill Lynch, Deutsche Bank Securities, and CODE Advisors.