Twitter snubs Nasdaq for NYSE IPO

Social networking site Twitter has selected the New York Stock Exchange for its IPO listing, according to an amended filing with the Securities and Exchange Commission (SEC).

The stock will trade under the ticker symbol “TWTR”.

Twitter will therefore not join the likes of Facebook, Apple, Groupon, Zynga and other tech stocks on the Nasdaq exchange, but will instead list with business social media site LinkedIn.

The Nasdaq had come under fire for bungling Facebook’s initial public offering in May  2012.

“This is a decisive win for the NYSE We are grateful for Twitter’s confidence in our platform and look forward to partnering with them,” the NYSE said in a statement.

The Nasdaq said: “All of us at Nasdaq wish Twitter well as they pursue their initial public offering.”

Analysts estimate Twitter’s value at between $12 billion and $15 billion, and the company could list as a soon as next month.

In its amended filing, Twitter also noted that it had 230 million monthly active users, up from the 218 million it first disclosed in an S-1 filing on October 3.

The company said that it more than doubled its third quarter revenue to $168.6 million, but it added that it widened its net loss to $64.6 million in the September quarter, from $21.6 million a year earlier.

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Twitter snubs Nasdaq for NYSE IPO