Twitter announced on Thursday after the market closed that it is setting its IPO share price at $17 to $20 per share and is looking to sell 70 million shares. Twitter’s offering could raise up to $1.4 billion, although it will raise somewhere around $1.2 billion if it sells all its shares at the median price. Twitter’s opening ask is much more modest than that of fellow social networking dynamo Facebook, which famously issued public stock at $38 a piece and raised a whopping $16 billion last year.