Now what? Yes, we’re talking Twitter and yesterday’s tweeted bombshell — OK, at the very least, somewhat surprising news — about it taking a step toward an IPO by submitting a confidential filing with the SEC. One big question, as we mentioned yesterday, is when the public can start trading TWTR, BIRD, HASH, TWIT or whatever the stock symbol will be.
It was Thursday that Twitter shared the news, but the San Francisco microblogging company actually submitted the filing months ago, according to the New York Times’ DealBook. So that mucks up the estimates about when Twitter will file the real S-1, and public trading will begin. Before Twitter’s little birdie chirped the news yesterday, many had expected the IPO to happen in 2014, according to the Merc’s Peter Delevett and Brandon Bailey.
As for using the past as a guide, it’s sort of all over the place. A couple of examples: San Mateo-based SolarCity’s process, from its announcement of a confidential filing to actually going public in December, took about eight months. And Marketo, the enterprise software company that is also based in San Mateo, went public in May after disclosing its confidential filing in March.
Basically, Twitter can take as long as it wants. But Fortune’s Dan Primack writes that a source tells him to expect the filing in the next several weeks, and that the company is aiming to go public by the end of the year.
Peter Delevett contributed to this post.
Photo: The gardens on the rooftop of Twitter’s San Francisco headquarters. (Levi Sumagaysay)