Ryan Sarver

IPO day is no holiday for Twitter employees

November 7, 2013: 8:24 AM ET

The company is taking a low-key approach to its public offering, according to sources.


"I don't think you will find any Twitter IPO parties in SF," says one investor. "It's just not that kind of culture."

FORTUNE -- Twitter (TWTR) may be a publicly traded company as of this Thursday, but for the company's 2,300 employees, it'll be largely business as usual.

"I don't think you will find any Twitter IPO parties in San Francisco," says one investor. "It's just not that kind of culture."

On Wednesday, Twitter raised $1.82 billion, pricing 70 million shares at $26 each. At that price, the company has a market capitalization of nearly $14.2 billion -- up from the $13.9 billion estimated earlier this week after the company increased its share-price range based on strong demand.

But the social network, now headquartered on Market St. in San Francisco's Tenderloin district, won't be completely devoid of celebration. According to a source close to Twitter, the company opened its doors at 5 a.m. so employees who wanted to watch the opening bell from the offices could do so. The business day will continue until 5 p.m., when Twitter plans to host an extended happy hour, dubbed "Tea Time." And while there won't be an official big bash, former Twitter Director of Platform Ryan Sarver, now a Redpoint Ventures partner, is also expected to open his bar Tradition that evening for festive employees.

Indeed, the understated approach seems to follow the philosophy of co-founder Jack Dorsey, who is said by some former employees to follow a "back-to-work" approach regardless of company milestones. It could also serve Twitter well if the company's Wall Street debut proves a rocky one. And the company is currently unprofitable, reporting a $133 million net loss on $422 million in revenues through the first nine months of 2013.

In other words? There's clearly much more work to be done.

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