Social media giant Twitter will start trading tomorrow on the New York Stock Exchange in one of the highest-profile initial public offerings in years, and analysts and investors are expecting shares to be at a premium.
"When this thing starts trading, it's going to do pretty well," said Michael Scanlon, managing director of Manulife Asset Management in Boston. "It seems like they're very committed to getting this deal done and getting it done successfully and leaving a good taste in everyone's mouth."
Scanlon, who was at Twitter's road show presentation in Boston last week, said Twitter's losses — $65 million in the third quarter — are a concern, but he sees significant room for growth in its user base and advertising revenue.
Twitter already has raised its price range once, from $17 to $20 per share to $23 to $25 per share. Scanlon expects the final IPO price, which will be announced today, to be $26.
Max Wolff, chief economist at ZT Wealth in New York, said he expects Twitter to have a good first day.
"There's a lot of excitement around Twitter," he said. "That usually creates a good environment for a strong first day of trading."
Renaissance Capital in Connecticut said in a note there could likely be "IPO frenzy" tomorrow.
Still, Wolff said the test will be the performance of Twitter three months from now.
The Twitter IPO has by most accounts been dramatically different from Facebook's, which was heavy on hype, but fell below the initial price and didn't recover for more than a year.
"They've purposefully done things opposite of what was done during the Facebook deal," Scanlon said.
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