Thursday, September 12, 2013

Twitter announes IPO


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Sep 12, 2013, 2:08pm PDT Updated: Sep 12, 2013, 3:56pm PDT

Twitter announces IPO


Twitter has announced its long-anticipated IPO.
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Tomohiro Ohsumi
Twitter has announced its long-anticipated IPO.
Technology Reporter- Silicon Valley Business Journal
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Twitter is finally going public after submitting an S-1 to the Securities and Exchange Commission.
The San Francisco company announced the much-anticipated move in a Tweet this afternoon, saying, "We've confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale."
A Twitter spokesperson confirmed the Tweet was accurate and added no further comment.
Goldman Sachs is expected to be the lead underwriter in the IPO, according to Bloomberg News.
Twitter was able to file confidentially as an "emerging growth company" thanks to the JOBS act. The law, passed last year, states that emerging companies are defined as those that make less than $1 billion in revenue. Under the law, Twitter's documents can remain private for up to 21 days.
The news of Twitter going public is reflective of a pair of reports released Thursday that provide more evidence that tech IPOs are picking up.
The company, led by CEO Dick Costolo and valued at about $10 billion, has been steadily building up to a public offering.
This summer, the company has been staffing up key financial positions, including a stock administration analyst who handled stock grants to help social gaming company Zynga go public. It also nabbed Facebook's head of consumer and mobile marketing, Kate Jhaveri.
Beyond staffing, Twitter has also been strengthening its business side in recent months through acquisitions.
It recently acquired mobile ad tech firm MoPub, and last month it bought Trendrr, which tracks interactions that mention television programming via social media.
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