Blogging site Twitter (TWTR) sets IPO prices at $26 Per Share
On Monday, Twitter (TWTR) the micro blogging site provided an IPO price range of between $23 and $25 a share, which was a raise from the previously projected price of $17 and $20.
Finally on Wednesday it decided on initial public offering at $26 a share. This move by the company has cleared the way for investment bankers, underwriters to sell the IPO shares to clients on Thursday.
Rick Summer, senior analyst with Morningstar said, if the stock begins trading in the range of $30 ,he believes the stock would be "modestly overvalued, and investors are taking an inappropriate amount of risk at those levels."
"The IPO price and aftermarket are a reflection of supply and demand," he said. "Eventually we expect the market price to reflect its intrinsic value, but in the short-term, all bets are off."
The first shot at buying shares of Twitter will only be possible by investors on Thursday sometime after the New York Stock Exchange opens at 9:30 a. m. EST. The exact timing is not clear though. In most cases newly listed shares take time to begin actively trading on the day of their public debut. It is hoped that Twitter's debut will be smoother than that of Facebook which was on the Nasdaq last year.
New Zealand News
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- CATL and LG Energy account for nearly 54% of global xEV battery market: SNE Research
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids
- Italy’s ASPI announces plans to install cross-country ultra-fast EV charging network