Good news for one tech company, bad news for another
Monday, November 04, 2013 3:01 PM
The social media website operator Twitter Inc. today said its debut initial public offering price is set between $23 and $25 a share, up from $17 to $20 previously,CNNMoney reported.
The company now intends to raise between $1.6 billion and $1.8 billion when its stock starts trading this week.
The company plans to sell 70 million shares in its offering, and at the new price the company would be valued between $12.8 and $13.9 billion.
Twitter's offering is expected to be priced on Wednesday. Regular investors will get their chance to buy shares the next day.
Meanwhile, BlackBerry Ltd. is dropping a plan to sell itself, and announced todaythat its CEO will resign.
BlackBerry said it will try to raise about $1 billion from its largest shareholder, Fairfax Financial Holdings, and other investors. That's after Fairfax was unable to fund a $4.7 billion bid to buy the company.
CEO Thorsten Heins will leave in about two weeks. His interim successor will be John Chen, former CEO of the database software company Sybase.