NEW YORK (
Twitter said in a Tuesday filing it will list its shares on the
New York Stock Exchange, a subsidiary of
(NYX), as the micro-blogging site moves towards an initial public offering of its shares.
The move means NYSE will win the most highly anticipated technology sector IPO since Facebook's (FB) May 2012 listing on the Nasdaq (NDAQ). That offering was hampered by trading glitches and what some said was an overaggressive pricing and share sale.
TheStreet first reported Twitter's plans to list with the NYSE in late September.
In an amended S-1 filing with the Securities and Exchange Commission on Tuesday, Twitter disclosed its third-quarter earnings results, which showed signs that the company is beginning to scale its fast growing revenue into profits.
Twitter reported $422 million in revenue through the first nine months of 2013, an increase of 120% from year-ago levels, as top-line growth appears to cutting at the firm's overall losses. Although revenues more than doubled, Twitter's GAAP net loss rose by about 90%, indicating that losses are on a narrowing trend. Twitter's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) meanwhile, grew to over $30.7 million through the first nine months of 2013, up from adjusted EBITDA of just $3.5 million in the same period a year ago.
Twitter also reported an increase in monthly active users (MAUs), up to 230 million MAUs from June. Total timeline views also grew in September versus activity the firm reported for the three months ended in June.
Those figures augur well for Twitter, as the company sets out for a road show to sell its shares to the public. The San Francisco-based company has yet to disclose the pricing of its IPO. Twitter used $1 billion as a placeholder amount for its share sale in its initial IPO filing.
Goldman Sachs (GS) will lead Twitter's IPO, while Morgan Stanley (MS), JPMorgan (JPM), Bank of America (BAC), Deutsche Bank (DB), Allen & Company and CODE Advisors will also participate in the offering.
Media reports indicate Twitter will launch its roadshow starting in October and will seek to list its shares on the NYSE by mid-November.
-- Written by Antoine Gara in New York.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV