Updated from 5:09 p.m. EST to provide revenue information in the fifth paragraph.
NEW YORK (
) -- After dominating headlines for weeks,
went public with a bang, near doubling mere minutes after its float. In one of the most highly-anticipated IPOs of 2013, demand was high and investors desperate for a piece of coveted stock.
The San Francisco-based company
its offering at $26 per share late Wednesday. Similar to its initial IPO offering, Twitter used its own social networking platform to reveal its final pricing.
was the lead underwriter for the offering with
Bank of America
The $26 per share offer was upwardly revised from the company's previous range of $23 and $25 a share and significantly higher than early estimates of $17 to $20.
After closing its first trading day 72.69% higher at $44.90, the social network's total market cap is in excess of $24 billion. At its initial $26 pricing, the company was valued at more than $18 billion.
Twitter reported $422 million in revenue through the first nine months of 2013, an increase of 120% from year-ago levels. About 70% of the company's advertising revenue comes from mobile, an excellent sign given it is primarily thought of as a mobile-first experience.
The micro-blogger settled on $26 a share as its initial price for the 70 million on offer, significantly higher than its earlier pricing range of $17 to $20.
Demand hit fever pitch shortly before go-time with the pre-float asking price as high as $44 a share.
Twitter shows off one of its most valuable assets: the hashtag.
Views from the balcony as investors scrum the trading desk.
10:49:25 a.m. EDT: the moment the little bluebird takes flight, soaring 73% to $45.10.
Written by Keris Alison Lahiff in New York