Twitter Inc. on Thursday said it would price its shares at $17 to $20 in an initial public offering, valuing the messaging service at up to $11.1 billion, a number seen as conservative even for a company facing widening losses.
By starting out below that number, the company has left room to boost the range once executives hit the road and can gauge investor sentiment, said Rett Wallace, chief executive of Triton Research LLC, a private-company research firm in New York. “It gives them room to move up the price without offending investors’ sense of value,” he said.
