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Global ECM deal of the year 2013: Twitter

Twitter set an IPO landmark.

Twitter $2.1 billion IPO
Issuer Twitter
Size $2.093 billion
Date September 2013
Adviser Goldman Sachs
Lead left bookrunners Goldman Sachs
Bookrunners Morgan Stanley, JPMorgan, Bank of America Merrill Lynch, Deutsche Bank
return to the Deals of the Year 2013 index

Despite the continued appetite for DCM, last year many observers were calling an end to the primacy of fixed income over equity and the expectation emerged that investors would start to rotate allocation towards the equity markets. That was good news for the IPO market, in which there were a number of landmark deals during the year, foremost of which was the IPO of microblogging site Twitter.

If ever there was an example of a company learning from others’ mistakes it is this deal. When Twitter decided to launch its IPO in November last year the ghost of Facebook’s chaotic $16 billion listing in May 2012 was ever-present. The fate of the Twitter listing was, however, in stark contrast to the earlier deal (over which Facebook and its banks now face a lawsuit from a number of pension funds).

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