Twitter to close IPO books early on strong demand -sources

Monday, 4 Nov 2013 | 11:36 AM ET
The Twitter Inc. logo is displayed on the company's preliminary prospectus.
Andrew Harrer | Bloomberg | Getty Images
The Twitter Inc. logo is displayed on the company's preliminary prospectus.

Twitter is set to close the books on its $1.75 billion initial public offering a day earlier than scheduled, on Tuesday at 12:00 p.m. EST amid strong investor demand for shares, according to two sources with knowledge of the process.

The microblogging network still intends to price shares on Wednesday for trading on the New York Stock Exchange on Thursday, the sources said.

Is Twitter fairly valued?
CNBC's Kayla Tausche reports the investing public is not ready to jump in on Twitter yet and young adults are among the least likely to consider the social media site a good investment.

The sources declined to be named because the process is not public.

(Read more: As Twitter IPO prices, poll says it's not worth hype)

Goldman Sachs is leading Twitter's IPO, alongside Morgan Stanley and JPMorgan Chase.

A spokesperson for Goldman declined to comment. A spokesperson for Twitter could not be reached immediately for comment.

Twitter on Monday said it was boosting the price range of its IPO to $23 to $25 per share from an earlier range of $17 to $20 per share. It intends to sell 70 million shares.

—By Reuters

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