Twitter to close IPO books early on strong demand -sources

Reuters

By Olivia Oran

Nov 4 (Reuters) - Twitter Inc is setto close the books on its $1.75-billion initial public offeringa day earlier than scheduled, on Tuesday at 12:00 p.m. ET (1700GMT), amid strong demand for shares, two sources with knowledgeof the process said.

The microblogging network still intends to price shares onWednesday, which will commence trading on the New York StockExchange on Thursday, said the sources, who declined to be namedbecause the process is not public.

Goldman Sachs Group Inc is leading Twitter's initialpublic offering, alongside Morgan Stanley and JPMorganChase & Co.

A spokesperson for Goldman declined to comment. Aspokesperson for Twitter could not be reached immediately forcomment.

Twitter said Monday it was boosting the price range of itsIPO to $23 to $25 a share from an earlier range of $17 to $20per share. It intends to sell 70 million shares.

Twitter is seeking to avoid making some of the mistakes thatplagued Facebook during its IPO debut in May 2012, andanalysts have said the company has been conservative with itsIPO pricing.

Facebook had raised both the price range and the number ofshares it sold, and its stock quickly fell below its offer pricefollowing its trading debut, recovering only a year later.

This year is shaping up to be the strongest for U.S. initialpublic offerings since 2007, with more than 178 companies goingpublic, according to Thomson Reuters data.

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