Interest in Twitter enough for full purchase of IPO shares
According to people with knowledge of the matter, Twitter had already attracted more than enough demand to sell all of the IPO shares it can offer. This was gleaned from the interest received by banks managing the much anticipated IPO, saying the sale may be oversubscribed even before orders were taken.
The said observation was made by one of the individuals with access to the information, but sought to remain anonymous because of the private nature of the information. Overall, the microblogging site had set the IPO volume at 70 million shares priced between USD17 and USD20 per share, according to documents filed with regulatory authorities.
Twitter had scheduled to price its shares on Nov. 6 and start trading the shares the very next day. The firm can increase the offered amount or the price before going public, depending on the investor demand. Twitter CEO Dick Costolo had begun his rounds visiting major US cities in order to meet investors and drum up interest for the share offer.