Twitter IPO: Company Hopes To Raise $1bn

Twitter has unsealed the documents for its initial public offering of stock, saying it hopes to raise up to $1bn.

The company revealed that it lost $69.3m in the first six months of 2013, compared with a loss of $49.1m for the same period last year.

The losses come as Twitter rolls out a massive infrastructure and staffing expansion programme.

Meanwhile it said revenue more than doubled to $254m (£160m) from $122m (£72m).

Total 2012 revenue was $317m (£196m) - with 87% of its revenue comes from advertising.

Last month Twitter announced that it had filed confidential initial public offering (IPO) papers to start the process of going public.

On Thursday, the San Francisco-based social network unsealed the papers with the Securities and Exchange Commission.

The documents showed that private investors have ploughed $759m (£470m) into the company and it still has $375m (£230m) cash reserves remaining.

Twitter did not say which stock exchange it plans to list its shares on, however the company said it intends to use the ticker symbol "TWTR".

The micro-blogging site said that at the end of June it had 218 million active users, which was up from 10 million in 2010.

The underwriters of the offering are Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America Merrill Lynch, Deutsche Bank Securities and CODE Advisors.

The IPO has been long expected. The company has been ramping up its advertising products and working to boost ad revenue in preparation.

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