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Twitter discloses IPO terms

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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October 24, 2013, 8:05 PM ET
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FORTUNE — Twitter (TWTR)  this afternoon revealed that it expects to have an initial market cap of approximately $10 billion after it goes public next month.

The San Francisco-based company said that it plans to raise upwards of $1.4 billion, by selling 70 million shares at between $17 and $20 per share. That would work out to an initial market cap of $10.08 billion (or a fully-diluted value of $12.8 billion), were it to price in the middle of its range. It would be worth just shy of $11 billion were it to price at $20 per share.

Today’s filing comes exactly three weeks after Twitter first publicly filed its S-1 documents, which was the shortest period of time it was allowed to wait. The so-called “road show” will begin tomorrow, and wrap up the week of November 4. That means the actual pricing is likely to occur the evening of Thursday, Nov. 7.

RELATED:  In IPO filings, Twitter restated revenue policy

This price is mostly in line with where Twitter shares were being offered on the private markets in the weeks leading up to its original IPO filing. But the company certainly is expecting a first-day pop, particularly given that it only plans to float around 13% of the company.

There is no information yet on if insiders are selling shares. Company co-founder Evan Williams’ stake would be worth just over $1 billion if Twitter prices in the middle of its range. Fellow co-founder and chairman Jack Dorsey’s position would be worth approximately $434 million.

Goldman Sachs (GS), Morgan Stanley (MS) and J.P. Morgan (JPM) are leading the offering, with Twitter planning to list on the New York Stock Exchange.

Sign up for Dan’s daily email newsletter on deals and deal-makers: GetTermSheet.com

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