Deals
Twitter Resists Frenzy to Avert Facebook IPO Flop Redux
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The contours were familiar: A hot social-media company going public with investors baying to buy its stock. Yet the outcome of Twitter Inc.’s initial public offering was far different from Facebook Inc.’s, underscoring the delicate balancing act of pricing IPOs.
Twitter surged 73 percent yesterday, the biggest day-one jump for an IPO of more than $1 billion since 2007, according to data compiled by Bloomberg. The company received orders for about 30 times as many shares as it offered at the $26 IPO price, according to a person with knowledge of the matter. Facebook was little changed in its debut and slumped 11 percent the next trading day.