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Twitter prices IPO at US$17 to US$20 a share

The Twitter app is shown on a smartphone screen in New York on Oct 18, 2013. Twitter said on Thursday that it intends to sell 70 million shares priced between US$17 and US$20 in an initial public offering that will value the company at as much as US$
The Twitter app is shown on a smartphone screen in New York on Oct 18, 2013. Twitter said on Thursday that it intends to sell 70 million shares priced between US$17 and US$20 in an initial public offering that will value the company at as much as US$10.9 billion (S$13.5 billion). -- FILE PHOTO: AP

SAN FRANCISCO (REUTERS) - Twitter said on Thursday that it intends to sell 70 million shares priced between US$17 and US$20 in an initial public offering (IPO) that will value the company at as much as US$10.9 billion (S$13.5 billion).

Twitter said it planned to raise between US$1.25 billion and US$1.44 billion in the offering, according to an amended version of its prospectus filed on Thursday.

The valuation is lower than the US$15 billion that some analysts expected the Web social media company to seek in its hotly anticipated IPO. But Twitter, which has said it plans to list its stock under the "TWTR" symbol on the New York Stock Exchange, could increase the price range as it moves closer to the offering.

Twitter is expected to begin its pre-IPO road show next week as it gears up for an offering expected in November.

Twitter said on Thursday that there will be 544,696,816 shares of its common stock outstanding after the offering.