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Twitter Sets IPO Price; Hopes To Raise $1.8 Billion

The Twitter logo is seen on the floor of the New York Stock Exchange on Wednesday afternoon. Andrew Burton/Getty Images hide caption

toggle caption Andrew Burton/Getty Images

The Twitter logo is seen on the floor of the New York Stock Exchange on Wednesday afternoon.

Andrew Burton/Getty Images

Twitter Inc. has set its IPO price at $26 per share:

The San Francisco-based social media company, which has never turned a profit, had initially said it might set the 70 million shares it is floating for its IPO at between $17 and $20 a share.

The Associated Press writes:

"The price values Twitter at more than $18 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. That's more than Macy's, which has a market capitalization of $17 billion, and Bed Bath & Beyond, which is around $16 billion.

"The pricing means the short messaging service will raise $1.8 billion in the offering, before expenses."

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