That little blue bird sure is getting a big head.
Micro-blogging site Twitter raised the range of its initial public offering by about 25 percent Monday amid expectations for a hot public debut on Wednesday.
The site raised the range of its share price to between $23 and $25 a share, up from a previous range of $17 to $20 a share, it said in a filing with the Securities and Exchange Commission.
The new price increases Twitter’s valuation to $13.6 billion and put it in the top 8 percent of companies that have increased their price ranges heading into initial public stock offerings this year, according to data from investment banking research firm Dealogic.
Still, the jump was welcomed by Twitter shareholders like Kevin Landis of the publicly traded Firsthand Value Technology Fund, which owns about 1 million Twitter shares.
Twitter “priced conservatively in initial range,” said Landis, who bought Twitter shares at between $16 and $17 a share earlier this year.
“I don’t think they’re going to try to press their luck on the opening price given how laser-focused they are” on not flubbing their IPO, like social-networking giant Facebook did, he said.