Continuing its attempt to disassociate from Facebook, Twitter has picked the New York Stock Exchange to list its stock, rather than the glitchy NASDAQ, for its upcoming IPO. From its confidential S1 filing to the overall "low profile" of their buildup, Twitter is doing anything and everything it can to distance itself from Facebook's botched IPO of two years ago.
The big blue social network picked NASDAQ — home of other big tech names, like Google and Microsoft — and it was a promising match that soured after technical problems on the first day of trading, which Facebook blamed for the low stock price that day. Eventually the market had to pay financial firms for its mistake; and the tech company has since more than recovered; it's now trading almost $10 higher than its debut price. But, Twitter doesn't want to chance it with an exchange that could ruin its offering. It also wants to look as distinct from Facebook as possible. So, NYSE it is.
Again, as a bid to differentiate its social network from Facebook's, Twitter is attempting to show some pre-IPO fiscal responsibility, launching new advertising initiatives and seeking a reported new credit line that would give it more flexibility. In addition to the NASDAQ glitch, many blamed Facebook's lack of revenue streams for its low stock price. Twitter has pushed its link with lucrative television advertising in the last couple of months.
The tech company is expected to go public right before Thanksgiving, with pricing between $28 and $30 per share, raising anywhere between $1.4 billion and $1.65 billion in the offering, sources tell The Street's Chris Ciaccia. Of course, in the wild world of stock wheeling and dealing, that's all subject to change, the sources add.
This article is from the archive of our partner The Wire.