Twitter raised $1.82 billion in its initial public offering, seizing on surging investor demand to price at a more expensive valuation than rival Facebook.
Twitter yesterday sold 70 million shares at $26 each, putting the microblogging service at 12.4 times estimated 2014 sales of $1.14 billion, according to analyst projections compiled by Bloomberg. That is higher than the 11.6 times that Facebook was trading at yesterday and similar to LinkedIn’s multiple of 12.2 times sales.
The pricing puts the onus on...
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