T. Rowe Price rides Twitter IPO to huge gain

November 07, 2013|Eileen Ambrose, The Baltimore Sun

The New York Stock Exchange debut of Twitter offered a huge boost to five funds managed by Baltimore-based T. Rowe Price.

Price was a major shareholder in Twitter before the popular micro-blogging site went public on Thursday, selling for $26 a share. Its shares immediately soared, finally closing at $44.90 each.

Five funds managed by Price owned a combined 11.9 million preferred shares at the end of September with an estimated total value of $280.8 million, or $24.35 per share, according to Morningstar.

One of those funds, Price New Horizons, owned 4.6 million shares at the end of June, which it acquired for average cost of $2.66 each, according to a Reuters report.

Given Twitter's closing price, the value of Twitter stock in all five Price funds ballooned to $536.2 million.

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