Microblogging site Twitter Inc (NYSE:TWTR) said in an SEC filing that it has raised its expected IPO range to $23-$25, mainly due to rising demand for its shares. The company debuts on the New York Stock Exchange on Thursday. The San Francisco-based company had previously expected a price range of $17-$20. Twitter Inc (NYSE:TWTR) plans to sell 70 million shares at the offering. At the high end of its expected range, Twitter Inc (NYSE:TWTR) may raise up to $1.75 billion at its IPO. One of Twitter Inc (NYSE:TWTR)’s largest shareholders, Saudi Prince Al-Waleed bin Talal is bullish on the stock. He decided not to sell his shares in the offering.

Twitter Raises IPO Price Range To $23-$25 From $17-$20

Twitter still undervalued?

The new price range values the company at around $13.62 billion. But analysts believe Twitter Inc (NYSE:TWTR) is still undervalued. Company executives have already started promoting the stock to potential investors. Twitter Inc (NYSE:TWTR) doesn’t generate profits yet, but its executives have highlighted growth in mobile, international markets, and TV integration in their pitches. Twitter Inc (NYSE:TWTR) also revealed in its filing that International Business Machines Corp. has accused the microblogging company of patent infringement.

The success of Twitter Inc (NYSE:TWTR)’s IPO will play a crucial role in how entrepreneurs and venture capitalists view other Internet IPOs. A Facebook Inc (NASDAQ:FB)-style debacle could disappoint venture capitalists and pull down start-up valuations. Internet investing has declined 14% in Q3 to $1.5 billion compared to $1.74 billion in the same period last year, according to Ari Levy of Bloomberg.

Investors are skeptical of Twitter: CNBC survey

A recent AP-CNBC poll shows that the broader public and potential investors are highly skeptical of investing in Twitter Inc (NYSE:TWTR) stock. More than 47% of Americans are skeptical of putting their hard-earned money into the 7-year old microblogging service. Only 36% said they would invest in the stock. Among people between 18 and 34, a whopping 52% said investing in Twitter Inc (NYSE:TWTR) is a bad idea. Before Facebook Inc.’s IPO in May 2012, 51% had favored investing in the Menlo Park-based company, while 31% disagreed.