Slideshow: Twitter IPO in NYSE
By Editor
Nov 07, 2013 02:44 PM EST
Regions
Actor Patrick Stewart and 9-year-old Vivenne Harr, who uses proceeds from her lemonade stand to fight slavery, ring the opening bell as Twitter co-founder Evan Williams and and Boston Police information officer Cheryl Fiandaca look on at the New York Stock Exchange, November 7, 2013. (Photo : REUTERS)
A sign displays the Twitter logo on the front of the New York Stock Exchange ahead of the company's IPO in New York, November 7, 2013. (Photo : REUTERS)
Twitter CEO Dick Costolo celebrates the Twitter IPO with Twitter founders Jack Dorsey, Biz Stone and Evan Williams on the floor of the New York Stock Exchange in New York, November 7, 2013. (Photo : REUTERS)
Twitter CEO Dick Costolo is interviewed before the Twitter Inc. IPO on the floor of the New York Stock Exchange, November 7, 2013. (Photo : REUTERS)
Traders await the Twitter Inc. IPO on the floor of the New York Stock Exchange, November 7, 2013. (Photo : REUTERS)
Twitter CEO Dick Costolo takes a photo as Twitter begins to trade during the IPO on the floor of the New York Stock Exchange, November 7, 2013. (Photo : REUTERS)
An electronic ticker reads news of the Twitter IPO at Times Square in New York, November 7, 2013. (Photo : REUTERS)
Twitter Inc soared as much as 92 percent in its first day of trading on Thursday on the New York Stock Exchange as investors snapped up shares in the popular microblogging site in a frenzy that recalled the days of the dot-com bubble.
The shares opened at $45.10 a share, up from the initial public offering price of $26 set on Wednesday, then added to those gains, hitting a high of $50. They were up 73.7 percent to $45.15 at midday.
Sources said the flotation drew strong demand, with investors asking for 30 times the number of shares on offer as they bet on potential growth at the money-losing social media company.
The opening price valued the shares at about 22 times forecast 2014 sales, nearly double that multiple at social media rivals Facebook Inc and LinkedIn Corp.
The shares opened 75 percent above the $26 initial public offering price set on Wednesday, making it the biggest in a series of huge opening day "pops" for IPOs.
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