Eric Thayer/Reuters
Score one for the Big Board.
Twitter has picked the New York Stock Exchange as the home for its coming listing, the company disclosed in an amended prospectus on Tuesday, giving the exchange a piece of the highest-profile initial public offering this year.
That I.P.O. will take off soon. Twitter and its bankers are expected to begin a road show for investors as soon as Oct. 25, according to a person briefed on the matter. The company's goal is to price the night of Nov. 14 and begin trading the next morning.
News of the Twitter offering's timing was reported earlier by CNBC.
The amended filing also gives outsiders a closer look at what Twitter's top institutional investors stand to make from the I.P.O. In the original filing, six institutional investors were listed as having built up stakes of more than 5 percent but provided few details about the size of their holdings.
Suhail Rizvi, a little-known Hollywood investor, and his private equity firm, Rizvi Traverse Management, stand to make $1.75 billion on their cumulative 17.9 percent stake, according to the company's most recent valuation. JPMorgan Chase and its affiliated funds come in second with a 10.3 percent stake, or about $1 billion. Twitter's earliest institutional investors, Spark Capital and Union Square Ventures, have 6.8 and 5.9 percent stakes respectively. Twitter later became Spark Capital's largest investment.
Benchmark Capital Partners, which first invested when Twitter was a 25-employee company, has a 6.6 percent stake. DST Global, the investment firm founded by Yuri Milner, the Russian billionaire, has a 5 percent stake.
In the battle to claim Twitter as a client, the N.Y.S.E. competed hard with its rival, the Nasdaq stock market. Nasdaq has traditionally been known as the home of technology initial offerings, though as of Tuesday, the company has claimed 20 such deals this year compared with 19 for the Big Board.
Nasdaq has snared several big names in the Internet space, including Facebook, Groupon and Zynga, while N.Y.S.E. has snagged LinkedIn.
But many in the deal industry had speculated that Twitter would elect to go with the Big Board in light of Nasdaq's technical issues in handling Facebook's offering, problems that many analysts, bankers and investors have blamed for that stock's initial stumbles.
In a statement, the Big Board said: 'This is a decisive win for the N.Y.S.E. We are grateful for Twitter's confidence in our platform and look forward to partnering with them.'
For its part, Nasdaq said: 'All of us at Nasdaq wish Twitter well as they pursue their initial public offering.'
David Gelles and Alexandra Stevenson contributed reporting.
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