Twitter leaning toward NYSE for IPO: source

NEW YORK/SAN FRANCISCO Tue Sep 24, 2013 3:02pm EDT

A news ticker in New York's Times Square announces an initial public offering for Twitter Inc. September 13, 2013. REUTERS/Eric Thayer

A news ticker in New York's Times Square announces an initial public offering for Twitter Inc. September 13, 2013.

Credit: Reuters/Eric Thayer

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NEW YORK/SAN FRANCISCO (Reuters) - Social media network Twitter is leaning toward picking the New York Stock Exchange over Nasdaq for its highly anticipated initial public offering, a person familiar with the matter said.

A report earlier on Tuesday by The Street said Twitter had already chosen the NYSE, but sources close to the exchanges told Reuters that Twitter has not made its decision yet.

Big Board parent NYSE Euronext, Nasdaq OMX Group and Twitter had no comment.

The competition for what is the most coveted technology listing since Facebook Inc, which chose Nasdaq for its market debut in May last year, is fierce, one of the sources said.

Technical glitches and questionable decisions at Nasdaq during the Facebook market debut led to losses by market makers and Nasdaq paid $10 million to the U.S. Securities and Exchange Commission to settle charges related to the errors. It also voluntarily set up a $62 million fund to compensate firms harmed by the problems. The issues during the Facebook IPO have played into Twitter's thinking, according to The Street.

Twitter, which is expected to be valued at up to $15 billion, filed with regulators on September 12 to go public, but did so confidentially under a process available to emerging growth companies and did not give a timeline.

Traditionally, Nasdaq had a lock on technology company listings, and NYSE on blue-chip stocks, but both have made inroads into each others' respective territories in recent years.

During the lead-up to Facebook's IPO, the chief executives from both Nasdaq and NYSE were reported to have flown to California to woo the management of the social network.

NYSE CEO Duncan Niederauer is currently in San Francisco for a summit being held by Oracle Corp, which moved its listing to NYSE from Nasdaq in July in the largest ever U.S. market transfer. Last year, Kraft Foods moved to Nasdaq from the NYSE in what was, until Oracle's announcement, the biggest company to ever switch exchanges.

(The story corrects city in final paragraph to San Francisco from San Diego)

(Reporting by John McCrank and Olivia Oran in New York, and Gerry Shih in San Francisco; Editing by Tim Dobbyn and Bob Burgdorfer)

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Comments (3)
Harry079 wrote:
What’s Twitter?

Sep 24, 2013 2:55pm EDT  --  Report as abuse
AlkalineState wrote:
Twitter again tricks itself into believing that ‘followers on twitter’ = real people reading stuff. Of the four people I know who have twitter accounts… none of them EVER check it. Because it’s lame. There is a reason you are reading this comment on a real web site. You prefer real web sites over Twitter.

Anyone who invests money in the Twitter toilet is a fool.

Sep 24, 2013 3:23pm EDT  --  Report as abuse
Harry079 wrote:
Politicians, journalists and so called entertainers will be the investors in Twitter. Because after all it’s all about them.

Having followers on Twitter is like having friends on Facebook or doing your Christmas shopping on Amazon.

I remember way back when in 1974 a friend of mine paid $150 for a digital watch and I had a blue face Timex wind up watch which cost $15.

I saw him recently at a funeral and asked him about his technology breaking digital watch while still wearing my $15 Timex.

Sep 24, 2013 3:57pm EDT  --  Report as abuse
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