The New York Stock Exchange conducted a series of dry runs on Twitter's forthcoming IPO in an attempt to avoid the technical glitches that marred Facebook's flotation on Nasdaq, Reuters reported.
NYSE Euronext, which runs the exchange, nicknamed "The Big Board" ran load testing to ensure that traffic volumes and transaction notifications would both operated as expected on Twitter's hotly anticipated Wall Street debut. The exchange often runs weekend tests, but this marked the first occasion of a simulated IPO.
Twitter has earmarked 70m shares for sale on day one, at between $17 and $20 each. The company's flotation will be the largest Web IPO since that of Facebook, which sold 421m shares at $38 each. Twitter is expected to launch trading as soon as November 7, according to Reuters.
Facebook's stock price suffered greatly following its Nasdaq IPO, in which extremely high order volume led to delays in confirmation and losses of up to $500m. Nasdaq was fined a record $10m by the US Securities and Exchange Commission and pledged a further $62m in voluntary compensation payments.