The stock closed last Friday with Twitter’s first sharing day ending at $44.90 a share, from the initial public price of $26, which was almost a two-fold increase and just below the daily high of $50.
Fortunately for Twitter, investor enthusiasm for the microblogging company defied traditional valuation analyses for the better. The shares were being traded at almost 22 times the forecast for 2014 sales, surprising experts everywhere. In addition, the company nearly doubled the multiple at social media rivals such as Facebook Inc and LinkedIn Corp. This is in spite of the fact that Twitter is new to the IPO business and far from turning a profit and posted a loss of almost $70 million for its most recent quarter.
Luckily for those working on Twitter’s IPO, the opening day appeared to go off without a hitch, prompting Anthony Noto, the Goldman Sachs banker who led the IPO, to write a simple Tweet on the website: “Phew.”
Surpassing what experts had forecasted for Twitter, heavy demand for the IPO shares was apparent before the final pricing. Even people who hadn’t been active in the stock market were putting shares in for the company, and market sources said investors had asked for 30 times the 70 million shares on offer in the IPO, representing about 13 percent of Twitter’s outstanding common shares.
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