Twitter responded to excitement about its initial public offering of stock by raising its range of stock prices and its valuation to upwards of $13.6 billion on Monday from its prior value of $11 billion.
Twitter amended its S-1 documents with the Securities and Exchange Commission to raise its stock price range to $23 to $25 per share. Twitter has its first day of stock trading slated for Thursday as stock ticker "TWTR" on the New York Stock Exchange. The company previously set the stock price range between $17 to $20 a share on Oct. 25, which analysts praised as a move that displayed modesty and would reassure Wall Street investors that the company was not overvaluing itself. The company has been valued as high as $17 billion by some analysts.
Twitter has been working to avoid the missteps of Facebook's IPO in May 2012. Facebook faced intense pressure from Wall Street following its IPO on issues including its revenue strategy and investor relations, and the stock slumped before rising above its IPO price in July of this year.
Twitter's revenue has more than doubled since 2012, as the company reported to the SEC that it earned $254 million for the first six months of 2013, compared with $122.3 million generated during the same period in 2012. However, Twitter reported a net loss of $79 million in 2012, so the company is looking for new ways to monetize its more than 200 million monthly active users.