Twitter Chooses NYSE for IPO #SorryNasdaq
Twitter (NYSE:TWTR) revealed its decision to list on the New York Stock Exchange (NYSE:NYX) in its initial public offering filing Tuesday, reflecting a major blow to the Nasdaq (NASDAQ:NDAQ), which prides itself on hosting many of the top tech companies. According to Bloomberg, the company also reported in its filings that its revenue more than doubled to $168.6 million in the third quarter, but its net losses also widened to $64.6 million comparied with $21.6 million a year earlier.
Industry sources now expect Twitter to kick off its investor roadshow on October 28, and begin trading on November 15. Twitter will join the likes of Intel (NASDAQ:INTC), Oracle (NASDAQ:ORCL), and Pandora Media (NYSE:P) on the NYSE come November, and its decision represents just another thing the microblogging site has done differently from its rival social network, Facebook (NASDAQ:FB), which chose Nasdaq OMX Group Inc. back in 2012, but suffered the consequences of its decision when a software malfunction delayed its initial trading.
Twitter also chose Goldman Sachs Group (NYSE:GS) for its listing, while Facebook chose Morgan Stanley (NYSE:MS), and the San Francisco, California-based company has also kept much more of a low profile during the process.