Twitter execs may double planned IPO to $2bn
Washington: With the IPO debut of the most anticipated social media site Twitter in the final stages, the executives of the company are contemplating to double the planned IPO to 2 billion dollars.
Twitter, being the hottest name to hit the IPO circuit since Facebook’s debut last year, has publicly filed its IPO documents using 1 billion dollars as a placeholder.
However, sources said that the company, on track for its public market debut as early as November 8 might double the size of its planned share sale, the New York Post reports.
According to the report, to steer clear of ‘Facebook-like’ comparisons, the company has given itself not a social media label but has billed as a ‘platform for public expression and conversation in real time’.
CEO of IPO data firm Privco, Sam Hamadeh, said that Twitter’s push for international expansion may prove costly for the company.
The report said that Twitter’s overall expenses have jumped 230 percent, from 95 million dollars in 2010, to 316 million dollars in the first six months of 2013.
Hamadeh said that when he saw the numbers in their public filings, he felt like a father looking for straight A’s but finding D’s.