Unlike Facebook’s failed attempt to conquer the stock market last year, Twitter’s test run on the New York Stock Exchange was deemed a success.
Although the NYSE conducts its testing on weekends, this was the first time a test Initial Public Offering (IPO) of shares was done by the exchange.
Last Saturday, the NYSE staff came together with traders from member firms to operate simulated buy and sell orders and assess how the flow of these orders will go once they are made public. Before November of this year ends, shares of Twitter is expected to be sold in the market.
NYSE spokeswoman Marissa Arnold said they are being methodical in planning the IPO for Twitter. “We are working together with the industry to ensure a world-class experience for Twitter, retail investors and all market participants,” Arnold added.
Twitter is set to be the largest technology-related IPO since Facebook went public two years ago but was deemed a failure. Back then, Nasdaq won the social networking site’s listing, one of the largest flotations in recent years. While Nasdaq got Facebook’s listings, the social networking site was hit with order failures and delays in its trading.
Nasdaq was later fined by the Securities and Exchange Commission $10 million, the biggest amount fined against an exchange.
Meanwhile, Twitter is expected to sell 70 million shares that will range between $17 and 20$ each. This will equate to a valuation amount of $1.6 billion. Shares of Twitter will trade under the code TWTR.