What's This?
By Samantha Murphy Kelly2013-10-27 15:18:44 UTC
In an effort to avoid the mistakes made during Facebook's public offering, the New York Stock Exchange held a "successful" test run for Twitter's IPO on Saturday. It marked the first time the NYSE organized a mock IPO for any company.
Although the NYSE occasionally does testing on the weekends, it facilitated a full rundown with traders from member firms. The NYSE simulated buying and selling, tested the flow of orders and opened the stock, according to the ,
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"This morning's systems test was successful, and we're grateful to all the firms that chose to participate," NYSE spokesperson Marissa Arnold said in a statement. "We are being very methodical in our planning for Twitter's IPO, and are working together with the industry to ensure a world class experience for Twitter, retail investors and all market participants."
Twitter will offer 70 million shares of the company at a price between $17 and $20, according to a on Thursday. The update indicated that the San Francisco-based company may raise as much as $1.4 billion in its initial offering, which is a big jump from the $1 billion it was initially expected to raise.
But Twitter's IPO is still a lot smaller than when Facebook's when it went public; the social-network giant sold more than $400 million shares for $38 each, and raised $16 billion. Facebook used the NASDAQ for its listing, but faced massive challenges, including trading delays and order issues.
Twitter, which will trade under "TWTR," is expected to go public as soon as Nov. 6.
Image: Steve Jennings/Getty Images
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