1 hour ago
Richard Drew / AP
The Twitter bird logo is on an updated phone post on the floor of the New York Stock Exchange on Wednesday. Twitter is expected to price its initial public offering some time Wednesday night. The company recently raised its price range to $23-$25 per share, but sources say it could go higher.
Underwriters for Twitter's initial public offering plan to price its stock above estimates at $27 per share if the market momentum from today continues, sources tell CNBC.
The estimated price range was originally $23-$25 per share. However, because a $27 per share price is being considered, it's likely demand is strong.
Twitter's management will decide on the final price at the end of the day . Goldman Sachs is the lead underwriter for the IPO, alongside JPMorgan Chase and Morgan Stanley.
Rett Wallace, Triton Research CEO, said he also heard whispers the company's share price would be pushed higher.
"There was pushing and shoving going on today at the top end of the range, which was $25, and then that it might break north of that," Wallace said on CNBC Wednesday. "So that is consistent."
The social media company is going public during a week that has 16 scheduled IPOs, which is the most offerings in a week since 2006, according to Renaissance Capital.
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