Officials at the New York Stock Exchange (NYSE) have held their first ever mock trading exercise in preparation for the Twitter IPO.
The Saturday mock launch was the first time any company has ever received such treatment from the NYSE. The exchange often does software testing on the weekends, but that testing does not typically include a full rundown with traders from member firms.
The Twitter IPO mock opening included the simulated buying and selling of shares. Officials used the data collected to test the flow of orders and opened the stock.
NYSE spokesperson Marissa Arnold said in a statement:
“This morning’s systems test was successful, and we’re grateful to all the firms that chose to participate.”
“We are being very methodical in our planning for Twitter’s IPO, and are working together with the industry to ensure a world class experience for Twitter, retail investors and all market participants.”
Twitter will launch its initial public offering with 70 million shares priced between $17 and $20 according to its recent S-1 filing with the SEC.
The Twitter IPO is expected to raise upwards of $1.4 billion.
Testing the launch of the Twitter IPO is a smart move on behalf of the NYSE after Facebook’s horrendous launch on the Nasdaq exchange costs investors time and money. Facebook sold more than $400 million in shares at $38 each during its IPO.
The stock simple TWTR could go live as early as November 6, 2013.