Twitter helps US listings hit $50.7bn

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TWITTER’s $1.8bn share sale takes the total proceeds from new US share listings so far this year to $50.7bn, data showed yesterday, the strongest year since 2000.

The social network’s share price jumped 73 per cent in opening market trade, driving the seven-year-old company’s valuation to around $25bn.

The amount raised by US stock market flotations is up 26 per cent on the same period last year, according to the data, while the number of offerings is the highest since 2004.

Of the total, $37bn was raised on the New York Stock Exchange, where Twitter chose to go public, while listings on Nasdaq accounted for $13.7bn.

Bank of America Merrill Lynch is the top-ranked underwriter of US initial public share offerings (IPOs) this year with a 12.2 per cent market share.

Twitter posted a loss of almost $70m for its most recent quarter, but fans believe that the site, which has 230 million users globally, has established itself as an indispensable internet utility, alongside Google and Face- book.