Twitter makes its NYSE debut, shares close at $44.90

Twitter finally went public with its much awaited IPO yesterday on the New York Stock Exchange, a mere five years after its launch. The micro-blogging website’s opening transaction was of 11 million shares at $45.10 each and closed at around the same point at $44.90.

Priced at $45.10, the shares saw Twitter’s reported value being pegged at $25.05 billion, a cool 73 percent increase on the $26 offering price set by the company itself. The strike price of $26 had allowed Twitter to have a valuation of $14 billion previously. This essentially meant Twitter had left about $1.25 billion on the table potentially when it spoke of the prices.

Kicking off the day (Image credit: Reuters)

At the highest point, says the Wall Street Journal, Twitter touched $50.09 before quickly sliding back to the $45 momentum it maintained throughout the time. Twtr, at closing bell, made a market capitalisation of $24.93 billion.

The d-day had a dramatic opening too. While Twitter CEO Dick Costolo, Co-Founders Biz Stone, Evan Williams and Jack Dorsey waited around on the packed exchange floor, the opening bell of the day was hit by three more popular Twitter users on the NYSE. British actor of Star Trek fame Sir Patrick Stewart along with nine-year old Vivienne Harr, who started a charity to end childhood slavery on Twitter were given the chance to kick off the day’s proceedings.

Twitter’s debut, of course, drew parallels to the debacle that was Facebook’s IPO day last year. The social networking website’s big day on the NASDAQ stock exchange was marred by computer glitches which had a massive impact on the course of the IPO for months to come. Keeping these factors in mind, Twitter chose NYSE over NASDAQ and even had dry-runs to ensure IPO day went off smoothly. It seems to have paid off since Twitter’s had a good debut.

(With inputs from agencies)