Twitter Stocks Close to Double on IPO Debut
(News4us.com) November 07, 2013The initial public offering of Twitter stocks bolted out of the share market gate yesterday doubling in price before settling down to close at an enviable 73% above the IPO.
Twitter stock was initially priced to the public at $26 a share and stated trading on the New York Stock Exchange at 10:49am ET where the first trade came in at an astounding $45.10 a share.
From there it surged to $50.09 a share, for an overall gain of 93%. It eventually trailed down close the trading day at $44.90 per share.
A final price close to $45 a share sees the Twitter company valued at $24.4 billion (TWTR).
The IPO has been described as a very clean process, much like the LinkedIn debut, when compared to the messy Facebook debut.
Investors were initially concerned with this latest offering from the Technology sector. But as the trading day progressed and more than 117.3 million shares were traded, it all went smoothly.
Twitter took the number one spot as the most actively traded stock in the U.S. on Thursday and raised about $1.8 billion through the sale of 70 million shares.
Not bad for a tech company that has never shown a profit.
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