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."