Twitter likely to price above expected $25 range: sources

Twitter Inc is likely to price its hotly anticipated initial public offering later on Wednesday above an already bumped-up target range, according to sources familiar with the process.

While final pricing is still being hashed out between Twitter management and its underwriters, sources said the price was likely to be above the $25 top end of the range announced on Monday. A price at that level would value the company at more than $14 billion.

The sources said the price could hit as high as $28.

Goldman Sachs Group Inc, which is largely controlling the underwriting process, declined to comment.

The underwriters are trying to walk a delicate line between getting the best price for Twitter management while avoiding the pitfalls of the May 2012 IPO for Facebook Inc, whose shares fell on their first trading day on concern the underwriters had overvalued the company.

Microblogging network Twitter, which has yet to turn a profit, has amassed 230 million users in seven years, including heads of state, celebrities and activists. About half of all U.S. adult Twitter users said they get news through the social media platform, according to a recent Pew Research survey.

Twitter hiked its target IPO price on Monday to a range of $23 to $25 a share from an initial range of $17 to $20, meaning it would raise up to $2 billion.

Twitter is expected to trade on the New York Stock Exchange on Thursday under the ticker TWTR.