New York Stock Exchange runs trial as Twitter flotation nears

Oliver Smith
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TWITTER took part in a test run of its highly anticipated market debut on the New York Stock Exchange (NYSE) over the weekend, ahead of the real event which is expected to take place on 7 November.

The simulated initial public offering (IPO) – the first trial of its kind on the NYSE – was run as the social network, the exchange and its investors seek to avoid the problems that plagued Facebook’s troubled float on the Nasdaq in May 2012.

The exchange on Saturday ran hundreds of thousands of orders, with one single firm placing an order at one point for nearly 81m shares in Twitter.

“This morning’s systems test was successful, and we’re grateful to all the firms that chose to participate,” said a NYSE spokesman.

Twitter is seeking to raise up to $1.6bn (£900m) when it lists around 80.5m shares priced between $17 and $20 a share, giving the firm a valuation of around $11bn.