Twitter confidentially files with SEC for planned IPO
It was expected and after months of rumours Twitter has finally submitted papers to SEC for planned IPO. It has done this confidentially submitting S-1 documents to SEC for the highly anticipated initial public offering.
The interesting part is that the company posted the announcement on its official Twitter account today.
We’ve confidentially submitted an S-1 to the SEC for a planned IPO. This Tweet does not constitute an offer of any securities for sale.
The documents that Twitter filed with the Securities and Exchange Commission (SEC) are sealed, as Twitter is taking advantage of federal legislation passed last year that allows companies with less than $1 billion in revenue in its last fiscal year to avoid submitting public IPO documents.
Submitting under the S-1 provision under the Jobs Act confidentially will help Twitter avoid public scrutiny and will require that it provides sensitive company information just 21 days before the IPO.
It is expected that this will be the largest IPO of a tech company for 2013 and will reach $15-20 billion from the public offering. The IPO will be handled by Golden Sachs.
Minutes after officially posting the info that Twitter is submitting an IPO the twitter team posted a simple message:
Twitter has a lot to do before the IPO. Good luck Twitter.