JOHANNESBURG, November 7, 2013 /PRNewswire/ --
South African investors will now be able to trade on Twitter by opening an international account through IG's South African office, following the listing of the micro-blogging giant on the New York Stock Exchange today.
Twitter is looking to raise in the region of $1.8 billion through the sale of 70 million shares (13% of total shares outstanding). An initial public offering at $26 a share would equate to a market capitalization in the region of $14 billion. At this stage it would appear that the IPO is fully subscribed as reported by news wires.
Shaun Murison, IG analyst commented "Initial thoughts tell us that there is a short-term euphoria surrounding technology and the social media space and perhaps we could see a significant rally. However the Facebook comparative would make investors nervous when we consider it's near 50% price drop in the first week post IPO. Facebook at the time of listing was generating a profit which Twitter is not currently doing."
The social media platform is attracting significant market speculation with post IPO share value highly anticipated. To follow the latest breaking news and expert market opinion surrounding the Twitter IPO visit: http://www.ig.com/za/market-news-and-analysis
NOTES TO EDITORS:
About IG Markets South Africa
IG Markets South Africa is part of IG Group (IGG.L), a FTSE 250 company which employs in excess of 800 people with offices in 14 countries worldwide. For further information on IG South Africa visit http://www.ig.com/za
Remember that CFDs are a leveraged product and can result in losses that exceed your initial deposit. Trading CFDs may not be suitable for everyone, so please ensure that you fully understand the risks involved.
IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international.
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