In this photo illustration, logos for Twitter are displayed on the internet on Sept.13, 2013 in London. Twitter announced on Thursday that it will price its shares at $17-$20 for its IPO.
Twitter said it plans to sell its shares in the range of $17 to $20 each, in an initial public offering that values the social media company at as much as $10.9 billion.
Twitter is offering 70 million shares, suggesting the IPO could raise up to $1.4 billion, the company said on Thursday.
It did not set a date for the offering, though previous reports have said it could be as soon as the week of Nov. 4. The stock will list on the New York Stock Exchange under the symbol TWTR.
The valuation is lower than the $15 billion that some analysts expected the company to seek in its hotly anticipated IPO. But Twitter could increase the price range as it moves closer to the offering.
Twitter is expected to begin its pre-IPO road show next week. It said on Thursday that there will be 544,696,816 shares of its common stock outstanding after the offering.
Earlier this week, the company revealed in a regulatory filing that it has obtained a $1 billion credit line to give it more financial flexibility going into the IPO.
Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and Deutsche Bank were involved in arranging the credit deal, Reuters reported earlier. The banks are also underwriters of Twitter's IPO.
No amounts have been drawn under the credit facility, Twitter said.
Twitter also disclosed this week that MoPub, a digital advertising exchange it acquired in September, had lost $2.8 million in the first six months of the year on $6.5 million in revenue.
Twitter paid $350 million in stock for MoPub, its largest acquisition to date. The deal is expected to close in November, according to the filing.
(Reuters also contributed to this report)
First published October 24 2013, 1:56 PM