Twitter raises $1.82 billion in IPO

November 6, 2013: 6:41 PM ET

Twitter prices 70 million shares at $26 each.

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FORTUNE -- Twitter this evening raised $1.82 billion in its initial public offering, and tomorrow morning is expected to begin trading its shares on the New York Stock Exchange under ticker symbol TWTR.

The micro-messaging service price 70 million shares at $26 per share, which is higher than both its original $17-$20 price range and its recently-revised price range of $23-$25 per share. It is, however, a bit lower than speculation earlier in the evening that the company would price the shares at $27 each, perhaps because the company is seeking to maximize its first-day trading "pop."

At $26, Twitter would have a market capitalization of approximately $14.16 billion. Including stock options, the company's value climbs to more than $18 billion.

All of the shares offered in the IPO came from the company, rather than from insiders. This is a major difference between Twitter's IPO and Facebook's offering from May 2012, where more than half of the shares came from directors, early investors and other insiders.

RELATED: How Twitter's largest outside investor tricked me

Goldman Sachs (GS), Morgan Stanley (MS) and J.P. Morgan (JPM) are leading the offering, with four other banks also listed.

Twitter reports a $133 million net loss on $422 million in revenue through the first nine months of 2013, compared to a $70 million net loss on $205 million in revenue for the year-earlier period.

In other IPO news, various reports tonight suggest that Square -- the mobile payments company led by Twitter co-founder Jack Dorsey -- is speaking with banks about a 2014 offering.

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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