NEW YORK ( TheStreet) -- After Thursday's close, Twitter filed for its IPO. Telling TheStreet's Brittany Umar his thoughts on the matter is Jim Cramer.
Twitter filed confidentially with the SEC under the JOBS Act, which allows companies with less than $1 billion in annual revenues not to publicly disclose its S-1 filing when it files for its IPO. Rather, it can keep the S-1 private until 21 days before its road show begins.
Cramer said it's stupid that the act even exists, although he believes Twitter has been honest about its accounting and record-keeping.
He went on to say that The NASDAQ OMX Group (NDAQ - Get Report) still hasn't figured things out, after messing up the Facebook (FB - Get Report) IPO and, even more recently, went through the "flash freeze" in August.Facebook struggled after it went public, partly because it didn't have an answer for mobile. Cramer concluded that Twitter does mobile very well and will likely have a valuation between $10 billion and $20 billion. Investors will do well if they can get in on the deal, but he cautioned that those buying in the aftermarket are usually underwater at some point in the next 12 months. That indicates better prices will likely be available within a year. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell