New information from Twitter's S-1 document has shed light on the company's expected IPO date, reports PrivCo, a business and financial research company. Updates to the document, which was released last week to the public, mention that Twitter employees can begin to sell shares of the stock on the market beginning Feb. 15, 2014.
The typical lock-up period for employees is 90 days, according to PrivCo, meaning they can't sell stock for the first three months the company is on the market. Counting back 90 days from Feb. 15 would mean the Twitter IPO would hit Wall Street on Nov. 15.
See also: Twitter Files for IPO
It seems likely that Twitter accidentally unveiled this information. Companies usually leave that portion of the document blank until they begin the roadshow (the process of pitching to investors), according to PrivCo.

According to PrivCo:
The typical lock-up period for employees to sell Restricted Stock stock to cover tax obligations due upon vesting is typically 90 days after an IPO. In the above, earlier version of the S-1, Twitter’s IPO advisors slipped up and inadvertently revealed the end-date for the lock-up period as the fixed date of FEBRUARY 15, 2014 (rather than leaving the date blank as most filings do until right before the final pre-Roadshow S-1 amendment, when the IPO date is announced).
The accidental date reveals for the first time that Twitter plans to IPO on November 15, 2013 (counting back 90 days from the February 15th Employee RSU Tax Sale 3-month lockup). The revelation was an accident, and reveals November 15th as the IPO date. PrivCo sources – confirmed by the US JOBS ACT regulatory timetable for IPO dates following the first non-confidential public S-1 release - indicate that as of mid-July, they intended to go public 3 months prior to February 15. This suggests that Twitter has set a November 15 target as its IPO date.
Twitter's S-1 created quite the buzz last week when it was unveiled, providing the public with its first real glimpse at the company's revenues, user base, and growth strategies.
Some of the most notable findings were that Twitter is not yet profitable as a company, and the microblogging site has 218 million monthly active users. More than three quarters of those are outside the United States, a figure that puts the network's global reach into perspective.
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