Leading microblogging service, Twitter Inc has reportedly appointed Goldman Sachs Group for managing its proposed initial public offering.

Company executives have said that they have learned lessons from the Facebook IPO and are committed to not repeating them. The social blogging network with more than 200 million members worldwide has said that it has filed S-1 to the Securities and Exchanges Commission for its planned initial public offering. Private investors have said that the company will be valued at more than $10 billion and is expected to record revenues of about $583 million during 2013.

The San Francisco-based company did not announce the date for the offering and did not provide additional details relating to the proposed offering yet. Under the current regulations, once a company has filed paperwork with US regulators for a planned IPO it is not allowed to discuss the matter with the media. Twitter is valued at about $10.5 billion by GSV Capital Corp, which about a tenth of the value of its bigger social networking peer, Facebook.

The Securities and Exchanges Commission's website states that any company can file a confidential prospectus for a public share sale if it is classified by the authorities as an `emerging growth company' and has revenues of less than $1 billion.