Microblogging platform Twitter is expected to make its IPO filing public as soon as this week according to people familiar with the matter. If everything goes smoothly, the company could be trading by late October or early November, the Wall Street Journal reports.
Earlier this month, it was revealed via Tweet that the company made a confidential filing with regulators. At this point we are hearing that executives are leaning more toward the New York Stock Exchange over the Nasdaq and at least one person said Twitter wants its shares trading before Thanksgiving on November 28.
Twitter’s IPO is expected to be one of the larger ones in recent years although it’s unlikely to surpass rival social network Facebook’s $16 billion offering last year. One of the main reasons for this is due to revenue. Twitter has less than $1 billion in revenue while Facebook brought in $3.7 billion in the year before its IPO.
Twitter was able to file in secrecy because they made less than $1 billion last year as per the Jumpstart Our Business Startups Act, or JOBS Act, that went into effect in 2012. Those in private markets have valued the microblogging site at around $10 billion which is about 10 times less than what Facebook was valued at.
The entire process could still get bogged down by a number of factors including changes to the prospectus, market conditions and even the looming shutdown of the US government.