Twitter revises IPO price; pegs $23-25 per share
Twitter has revised its initial public offering share price to $23 to $25 per share.
The Twitter IPO challenge
In an amended S-1 filing with the U.S. Securities and Exchange Commission on Monday, the microblogging giant said it still expects to offer 70 million in shares.
Earlier revisions pointed the initial share price to begin at $17 and $20 per share.
The San Francisco, Calif.-based social networking giant, which will run under the ticker symbol "TWTR" when it becomes a publicly traded company, is set to go public in the coming months.
Twitter also updated the risk factors it faces, which cited allegations made by computer giant IBM of three counts of patent infringement. The company said it believes to have "meritorious defenses to IBM's allegations," but could not rule out a final outcome that would be beneficial to the company.
Earlier this month, traders were given the opportunity to test their systems as part of a "dry run" ahead of the company's public offering, in efforts to avoid the debacle caused by the Nasdaq's fluff of Facebook's initial public offering.
In its original S-1 filing, Twitter touted its news-generating capability with more than 500 million tweets are published per day. It noted how it capitalized on major media moments — from U.S. president Barack Obama claiming reelection victory, as well as its "enabling" role the "Arab Spring" that swept across the Middle East and northern Africa in 2010.
Updated at 9:49 a.m. ET: with additional details from S-1 filing in regards to IBM lawsuit.