Twitter reportedly picks NYSE for $1.5 billion IPO

Alistair Barr | USA TODAY

SAN FRANCISCO -- Twitter has picked the New York Stock Exchange over Nasdaq for an initial public offering that may raise about $1.5 billion for the social media company, TheStreet reported Tuesday, citing unnamed sources close to the situation.

Twitter is looking to avoid problems that plagued Facebook's IPO last year. Facebook listed on Nasdaq and glitches in the offering early on were blamed on that exchange, operated by Nasdaq OMX Group.

Twitter may sell between 50 million and 55 million shares in the offering, with pricing between $28 and $30 per share, raising anywhere between $1.4 billion and $1.65 billion in the IPO. That would value the company around $15 billion or $16 billion, TheStreet said, citing the same sources.

The financial news website noted that the initial float and pricing are subject to change.

Twitter spokesman Jim Prosser did not immediately respond to a request for comment Tuesday morning.