Alistair Barr, USA TODAY
Twitter set a price range for its initial public offering Thursday, putting a conservative valuation of just over $10 billion on the social media company.
Twitter said in a regulatory filing that it will raise as much as $1.61 billion by selling between 70 and 80.5 million shares priced at $17 to $20 each.
With 544.7 million shares to be outstanding after the IPO, the offering values the company at $10.08 billion, based on the $18.50 middle of the price range.
Some analysts and investors had expected Twitter to be valued higher. Indeed, pre-IPO trading of the company's shares suggested a valuation well in excess of $10.08 billion.