On November 1, Beijing time, the Bloomberg website cited a source that during its IPO roadshow, Twitter's shares had already been over-subscribed.
The source said that before the investment banks began taking orders for Twitter's stock, the company's IPO had already attracted great interest from investors.
According to the SEC filing submitted by Twitter, the company plans to issue 70 million shares with an offering price range of $17-$20 per share, raising up to $1.4 billion. If priced at $20 per share, the company's valuation would reach $10.9 billion.
Twitter plans to announce the final IPO price on November 6 and begin trading the next day. Twitter will determine its IPO price based on market demand. Currently, Twitter CEO Dick Costolo has visited several major cities in the U.S. to promote the company's IPO and gain popularity.
Santosh Rao of the U.S. investment company Greencrest Capital Management said: "Twitter's initial pricing was very low, thus attracting more demand than expected. I think they will raise the price at least once. Because we saw a similar situation in Facebook's IPO before, everyone wants to participate in the hot tech stock IPO."
In the U.S., before going public, companies need to spend 1-2 weeks on a roadshow to meet face-to-face with investors in order to sell their shares. During this period, investors place orders to buy stocks. Before listing on the stock exchange, IPO companies will finally set the IPO price according to the market subscription situation.