Twitter sets IPO price at $26 for Thursday

(AP)

Twitter has set a price of $26 for its initial public offering of stock, which means the company’s shares can begin trading Thursday on the New York Stock Exchange.

The price values Twitter at more than $18 billion based on its outstanding stock, options and restricted stock that will be available after the IPO.

Twitter Inc. originally set a price range of $17 to $20 per share, but analysts expected that to go higher. The company raised the range on Monday to $23 to $25 per share, signaling enthusiastic response from prospective investors.

The San Francisco-based short messaging service is offering 70 million shares in the IPO, plus an option to buy another 10.5 million. It is set to begin trading Thursday morning under the symbol “TWTR.”

(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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