There was plenty of self-congratulation going on between Twitter and its advisers on Thursday. They had just avoided a repeat of the messy Facebook IPO: Twitter is officially the new darling of Wall Street.
But did they err in the other direction instead and massively under-price the offering?
Twitter released an updated version of its initial public offering filing on Tuesday afternoon in the US, announcing it will list on the NYSE and giving details about its last three months as a private company.
Here are five things you need to know from the messaging platform’s release:
1. Losses are mounting. Net losses widened significantly from June to September, rising from $70m in the first six months, to $134m for the first nine months as the cost of revenue increased.
Twitter took advantage of the new Jobs Act to file the drafts of its initial public offering document in secret, denying journalists and investors the chance to watch its rough and tumble with the SEC.
But when the registration document was published on Thursday, the SEC also revealed the draft filings Twitter had made since it filed in private way back in July. There’s no big secret hiding here but a few interesting changes that give an indication of what Twitter may have been talking to the SEC about – although of course, they could have just decided to change it themselves.
Ladies and gentleman, the moment you have all been waiting for is fast-approaching: Twitter is due to file the small print on its initial public offering, a bulky S-1 registration statement that will allow investors a peek into the messaging platform’s business.
Here is the Financial Times “Ctrl-F” guide to getting the news fast (Alternatively, please tune in to FT.com when it happens, where we’ll do the heavy lifting for you):