Micro-blogging site Twitter’s mega-IPO on 15 November?
17 Oct 2013 6:01 AM IST
The much anticipated initial public offer by microblogging site Twitter is likely to hit the US stock market on 15 November, claims a research report.
Twitter has disclosed plans to raise up to one billion dollar from its proposed initial public offer (IPO) in its initial registration form (S-1) with the US Securities and Exchange Commission (SEC).
US-based PrivCo, a provider of business and financial research on major privately-held companies, has said an earlier version of Twitter’s S-1 form ‘inadvertently’ revealed 15 February as the last date for the lock-up period for employees to sell their restricted stocks.
‘The accidental date reveals for the first time that Twitter plans for IPO on 15 November, 2013 (counting back 90 days from the 15 February employee restricted stock units tax sale 3-month lockup),’ it said.
As per US norms, the typical lock-up period for employees to sell restricted stock to cover tax obligations upon receiving such securities is typically 90 days after an IPO, the report said. ‘...Twitter’s IPO advisors slipped up and inadvertently revealed the end-date for the lock-up period as the fixed date of 15 February, 2014 (rather than leaving the date blank as most filings do until right before the final pre-Roadshow S-1 amendment),’ PrivCo said.
Twitter has disclosed plans to raise up to one billion dollar from its proposed initial public offer (IPO) in its initial registration form (S-1) with the US Securities and Exchange Commission (SEC).
US-based PrivCo, a provider of business and financial research on major privately-held companies, has said an earlier version of Twitter’s S-1 form ‘inadvertently’ revealed 15 February as the last date for the lock-up period for employees to sell their restricted stocks.
‘The accidental date reveals for the first time that Twitter plans for IPO on 15 November, 2013 (counting back 90 days from the 15 February employee restricted stock units tax sale 3-month lockup),’ it said.
As per US norms, the typical lock-up period for employees to sell restricted stock to cover tax obligations upon receiving such securities is typically 90 days after an IPO, the report said. ‘...Twitter’s IPO advisors slipped up and inadvertently revealed the end-date for the lock-up period as the fixed date of 15 February, 2014 (rather than leaving the date blank as most filings do until right before the final pre-Roadshow S-1 amendment),’ PrivCo said.
Next Story
