Twitter files plans to raise up to $US1bn in stock market flotation
Documents filed ahead of the forthcoming stock market flotation of the social network Twitter show that the move is intended to raise $US1 billion via the public offering.
The flotation aims to raise $1 billion
The papers show that Twitter’s revenue last year was $US316.9 million in 2012, although the social network posted a net loss of $US79.4 million.
The figures had not been disclosed before because the formal IPO documents had been filed confidentially. The regulatory filing obliges disclosure.
It is not yet known how many shares will be available, or what price they will open at.
In its filing, the Twitter papers make a veiled, barbed reference to the faltering stock market performance of Facebook, and acknowledged that it may face a similarly wobbly start.
“A number of consumer-oriented websites that achieved early popularity have since seen their user bases or levels of engagement decline, in some cases precipitously," it said.
“There is no guarantee that we will not experience a similar erosion of our user base or engagement levels."
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