Twitter tweets, Wall Street awaits
In a move that has shocked, well, no one, Twitter has announced it has submitted an S-1 to the Securities and Exchange Commission in the US for a planned initial public offering.
Twitter was able to file in secret as the US JOBS Act allows for companies with less than $1 billion in annual gross revenue to file confidentially.
Nextweb.com is reporting Goldman Sachs is believed to be the lead underwriter for the deal, and Twitter will reportedly list on the New York Stock Exchange.
The company has been valued at roughly US$10.5 billion, up from an estimate of $9.8 billion earlier this year. Twitter, now in its seventh year, has raised over $1.16 billion in funding to date.
Twitter made the announcement via itself yesterday:
We’ve confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale.
— Twitter (@twitter) September 12, 2013
But then demonstrated it was still business as usual soon after: