CEOAFRICA gathered that Twitter in its filing on Thursday, plans to sell 70 million shares priced between $17 and $20 (£10 - £12) to raise up to $1.4bn (£865m).

The source said it unveiled the price range for its shares when the company lists on the stock exchange and the offering is said to represents 13% of Twitter and values it at as much as $11bn.

According to Analysts, the valuation, which was less than forecast, indicated the firm wanted to avoid the dip in prices that followed Facebook's listing.

"They're trying to price this for a very strong IPO, ideally creating the conditions for a solid after-market," Brian Wieser of the Pivotal Research Group is quoted to have remarked.