NEW YORK (Reuters) – Twitter Inc stock soared 92 per cent in the first day of trading on Thursday on the New York Stock Exchange as investors snapped up shares in the microblogging site, pushing its market value to a heady US$25 billion (S$31.15 billion).

The shares opened at US$45.10 a share, up from the initial public offering price of US$26 set on Wednesday, then added to those gains, hitting a high of US$50.

Sources said the flotation had drawn strong demand, with investors asking for 30 times the number of shares on offer as they bet on potential growth at the money-losing social media company.

The opening price valued the shares at about 22 times forecast 2014 sales, nearly double that multiple at social media rivals Facebook Inc and LinkedIn Corp.

source: http://www.straitstimes.com