Twitter submitted an amended prospectus of its initial public offering (IPO), which indicates that the company's share price will be between $17 and $20.

The social media and micro blogging website is expected to start trading from November 15 under the ticker name TWTR on New York Stock Exchange (NYSE).

Twitter revealed it plans to sell between 70 million and 80.5 million shares and raise up to $1.61 billion from its initial release bringing the value of the company at around $11 billion. However, analysts' had a higher expectation for the company to reach a valuation of $15 billion.

The upcoming Twitter IPO release is one of the most closely watched IPOs in the social media segment after Facebook went public in 2012. However, Facebook's shares fell down below the offering price after its IPO release and recovered after a year.

"The fact that the valuation is lower than expectations, I think was smart by the underwriters. I think it will help the pop," said Michael Yoshikami of Destinational Weath Management. "But in the end, even for $11 billion, the question is can they come up with earnings to substantiate that number? And it's unclear that they're going to be able to do that."

Twitter's IPO release has been in the news for a while now. The company chose to trade on NYSE rather than on Nasdaq. The company also earned confidence from various banks as Twitter recently confirmed that banks have agreed upon a credit line of $1 billion.

Twitter recently announced that it hit 231.7 million monthly users by the end of Q3 2013, which is an increase by 6.13 percent from 218.3 million at the end of Q2 2013.