NYSE holds 'successful' test for Twitter IPO

Oct 27, 2013 by The Associated Press
This Oct. 18, 2013, file photo shows a Twitter app on an iPhone screen in New York. Twitter Inc. said in a regulatory filing Thursday, Oct. 24, 2013, that it is putting forth 70 million shares in the initial public offering. (AP Photo/Richard Drew, File)

The New York Stock Exchange said its test run of Twitter's initial public offering on Saturday was a success, as the exchange tries to avoid the technical problems that marred Facebook's debut last year.

While the NYSE often does testing on the weekend, this was the first time the exchange conducted a mock IPO. Early Saturday, traders from member firms gathered with NYSE staff to run simulated buy and sell orders, test the flow of those orders and open the stock.

Twitter is expected to go public sometime before the end of November.

"This morning's systems test was successful, and we're grateful to all the firms that chose to participate," NYSE spokeswoman Marissa Arnold said in a statement. "We are being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants."

Twitter will be the biggest technology IPO since Facebook went public in May 2012. While Nasdaq won Facebook's listing, one of the biggest IPOs in years, the debut was hit with trading delays and order failures. The Securities and Exchange Commission later fined Nasdaq $10 million, the largest sum ever levied against an exchange.

Twitter plans to sell 70 million shares between $17 and $20 each for a possible take of $1.6 billion. Shares will trade under the ticker "TWTR."

This year has been a hot one for IPOs as sharp gains in the stock market have boosted demand for . Over 150 companies have gone public in the U.S. this year, up more than 50 percent from the same period in 2012, according to recent data from IPO tracking firm Renaissance Capital.

Explore further: Twitter to list on NYSE (Update)

1 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Twitter to list on NYSE (Update)

Oct 15, 2013

Twitter shares will trade on the New York Stock Exchange, documents showed Tuesday, shunning the tech-heavy Nasdaq which saw major problems in Facebook's market debut in 2012.

3Qs: How 'tweet' it is?

Sep 19, 2013

Last week, the social media giant Twitter tweeted that it had filed for a planned initial public offering with U.S. regulators. We asked Linlin Ma, who joined the Northeastern faculty this fall as an assistant ...

Recommended for you

IBM posts lower 1Q earnings amid hardware slump

1 hour ago

IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exasperated by weaker demand in China and emerging markets.

New US-Spanish firm says targets rich mobile ad market

7 hours ago

Spanish telecoms firm Telefonica and US investment giant Blackstone launched a mobile telephone advertising venture on Wednesday, challenging internet giants such as Google and Facebook in a multi-billion-dollar ...

Technip, Heerema win third giant Angolan oil contract

10 hours ago

The ultra-deep Angolan offshore oil project called Kaombo generated the third huge contract in three days on Wednesday when French group Total picked two firms to carry out underwater engineering worth $3.5 billion.

User comments : 0

More news stories

IBM posts lower 1Q earnings amid hardware slump

IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exasperated by weaker demand in China and emerging markets.

Microsoft CEO is driving data-culture mindset

(Phys.org) —Microsoft's future strategy: is all about leveraging data, from different sources, coming together using one cohesive Microsoft architecture. Microsoft CEO Satya Nadella on Tuesday, both in ...

Quantenna promises 10-gigabit Wi-Fi by next year

(Phys.org) —Quantenna Communications has announced that it has plans for releasing a chipset that will be capable of delivering 10Gbps WiFi to/from routers, bridges and computers by sometime next year. ...

Down's chromosome cause genome-wide disruption

The extra copy of Chromosome 21 that causes Down's syndrome throws a spanner into the workings of all the other chromosomes as well, said a study published Wednesday that surprised its authors.

Researchers see hospitalization records as additional tool

Comparing hospitalization records with data reported to local boards of health presents a more accurate way to monitor how well communities track disease outbreaks, according to a paper published April 16 in the journal PLOS ON ...

Ebola virus in Africa outbreak is a new strain

The Ebola virus that has killed scores of people in Guinea this year is a new strain—evidence that the disease did not spread there from outbreaks in some other African nations, scientists report.