Twitter Raises Price of Shares to Meet Strong Demand

(MENAFN- Qatar News Agency) Twitter will raise the price of the shares in its initial public offering (IPO) following strong demand, the company said Monday. Trading in the company will start Thursday on the New York Stock Exchange The company will issue 70 million shares priced at $23-$25 , up from $17-$20, according to documents filed with the Securities and Exchange Commission The IPO would raise $1.7 billion for the company, valued at around $13 billion Twitter's valuation places the company far below that of Facebook, valued at $80 billion at its IPO Twitter said it lost 134 million dollars in the first nine months of the year Simultaneously, revenue doubled to $422 million Twitter has over 200 million monthly active users and that it processes over 500 million active tweets per day.