-LinkedIn starts trading today after IPO frenzy

Internet Business News
05-19-2011
-LinkedIn starts trading today after IPO frenzy

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

19 May 2011 - LinkedIn (NYSE:LNKD) makes its trading debut today on the New York Stock Exchange after a hugely successful initial public offering (IPO) thanks to avid investor demand for social media stock, the Financial Times reported.
The social network for professional people priced the offer at USD45 per share, the highest point of its indicative range. The top price was sharply lifted earlier this week as investors stampeded to snatch the rare opportunity for investment in the fast-growing social media sector. It remains to be seen whether LinkedIn's valuation and the hype surrounding the IPO are justified.

The company raised USD351m (EUR246m) and is valued at USD4.25bn. LinkedIn sold 7.8m shares and a greenshoe option could take that to 9m. Goldman Sachs offloaded its entire holding and collected USD39m but no shares were sold by the leading trio of venture capital stakeholders.

((Comments on this story may be sent to info@m2.com))

(Copyright M2 Communications, 2011)