Twitter says it plans to join the stock market in the most hotly anticipated flotation since Facebook's last year.

Referring to the official paperwork needed to join the market the company tweeted: "We've confidentially submitted an S-1 to the SEC for a planned [initial public offering]."

Investors value Twitter, founded in 2006 by Jack Dorsey, Biz Stone and Evan Williams, at more than $10bn (£6.3bn).

Twitter gave no further details as to the timing or price of the offering.

It is on track to post $583 million in revenue in 2013, according to advertising consultancy eMarketer.

Once a company has filed paperwork with US regulators for a planned IPO it enters a so-called "quiet period" when it is not allowed to speak with the press.

According to the Securities and Exchanges Commission's website, a company can file a confidential prospectus for a public share sale if it is classified as an "emerging growth company" with revenue of less than $1bn.

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