Twitter is going public, files for IPO
Twitter announced via a tweet that it has confidentially submitted a request to the SEC for going public.
The microblogging service will be the biggest tech IPO this year, and the biggest since Facebook went public last May for $16 billion. There has been no definite valuation of Twitter, as analysts have put its value in the ballpark of $10 to $15 billion.
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
Twitter was able to confidentially file for the IPO as its annual revenue is less than $1 billion. According to eMarketer, Twitter’s ad revenue for 2013 will be somewhere around $600 million.
The Wall Street Journal mentions that Goldman Sachs will serve as the lead underwriter for the deal, and that other banks will be assisting Goldman Sachs in conducting the high-profile IPO.