Twitter is on the road to its initial public offering (IPO) in the coming weeks, and the social network updated its S-1 filing on Thursday to reflect an estimated opening price between $17 and $20 per share. The company will sell 70 million shares of stock and, according to The Wall Street Journal puts it around an $11.1 billion valuation price with the option to raise around $1.6 billion.
Twitter will trade on the New York Stock Exchange (NYSE) under the ticker symbol TWTR. Trading firms are already working with the NYSE to test trading machines in an effort to make things go much more smoothly than they did during Facebook’s botched IPO on the NASDAQ, which left traders in the dark for hours after placing bids.
So far there’s no official date for the IPO, though it should occur in early November.