Twitter Inc. has revealed on Tuesday that the microblogging site has chosen the New York Stock Exchange over the NASDAQ Stock Exchange for listing its IPO. The company seems to be completely indifferent of a U.S. debt default possibility which would roil the financial markets and hamper its stock’s initial public offering.
Sources familiar with the situation have reported that Twitter is expected to roll out its investor road show in the last week of October with bankers to promote the IPO where it will cast its stock offerings to the Wall Street just before the company’s shares trading begins in mid-November. The company will be pricing its IPO on November 14 and will start trading of the shares the next morning.
Twitter, which is expecting to collect more than $1 billion from the IPO, updated its financial filing claiming its third-quarter revenue to be around $168.6 million as compared to last year’s $82.3 million. However the company’s net losses grew up to $64.6 million in the third quarter as compared to $21.6 million recorded last year during the same quarter.
Number of users using Twitter’s service grew up to 230 million every month, up from 215 million.
The filing revealed that the greater share of the company’s revenue came from mobile devices. Compared to the second quarter’s 65 percent revenue, the advertising revenue from mobile devices was found to be around 70 percent in the third quarter.
The updated filing even showed the list of major shareholders of the company. Rizvi Traverse Management Company which holds around 17.9 percent stake is the company’s largest stakeholder followed by JPMorgan Chase & Co. with 10.3 percent, Spark Capital with 6.8 percent, Benchmark with 6.6 percent, Union Square Ventures with 5.9 percent and Yuri Milner, the Russian billionaire with 5 percent stake in Twitter.