After much anticipation, Twitter has unveiled its plans for an IPO, reports the New York Times.
According to the Times, the company will embark on "a road show to potential investors across the country" in about three weeks, aiming to gain backing by late November. If "markets prove unwelcoming — a possibility if the government shutdown goes on for weeks," the Times notes, Twitter's IPO might be delayed until 2014.
The Times reports:
If successful, the stock offering would create a windfall for Twitter’s investors, a raft of venture capital firms and individuals who have poured money into the company for years. They include the social network’s three founders, Ev Williams, Jack Dorsey and Biz Stone; the investment firms Union Square Ventures, Spark Capital and Andreessen Horowitz; and investors like Chris Sacca and Kevin Rose.
Deal makers hope that Twitter’s offering will help lead a revival in technology public listings, after the market underperformed for much of 2013. Technology companies have accounted for just 19 percent of all initial offerings so far this year, the smallest share since 2008, according to the research firm Renaissance Capital.
The tech company, which has become one of the world’s most popular social media networks with more than 200 million users worldwide, is believed to be valued at up to $15 billion. The company's recent S-1 filing revealed that its current revenues are less than $1 billion.
The IPO's lead underwriter is Goldman Sachs, assisted by Morgan Stanley, JPMorgan Chase, Bank of America Merrill Lynch and Deutsche Bank.