LinkedIn aims to be first social network site to list on bourse

- Monday, May 9, 2011

LinkedIn aims to be first social network site to list on bourse

Professional social network LinkedIn Corporation expects to list more than 7.8mn shares in its IPO on the NYSE, the company announced in its blog.

The company expects the shares to be traded for an amount between US$32 and US$35 each on May 18 under the proposed symbol LNKD. Of the total, 4.8mn shares will come from the company and the rest from investors, with an estimated US$146mn coming into its coffers and making it the first of the major social networks to go public.

In a filing with the US securities commission (SEC), LinkedIn said that it will sell 4.83mn common stock shares, and that shareholders will offer 3.01mn class A shares.

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The funds raised from the IPO will be used primarily for general corporate purposes - including working capital, sales and marketing, plus general and administrative matters and investments.

Morgan Stanley & Co, Merrill Lynch, Allen & Company and UBS Securities will be the IPO's lead underwriters.

LinkedIn operates in over 200 countries and has more than 100mn members.

Use this link to see LinkedIn's filing with the SEC.