LinkedIn, the “Facebook for Business,” will list its IPO on the New York Stock Exchange (NYSE). This move follows music site Pandora and China’s largest social network Renren (RENN), which also chose the NYSE over the Nasdaq. Historically many tech companies (Microsoft, Google, Intel) list on the Nasdaq Stock Market.
The Mountain View, California-based LinkedIn IPO plans to raise as much as $175 million in an initial public offering under the symbol LNKD.
According to Reuters the LinkedIn IPO:
- 7.8 million shares at $32-$35/share
- could value the company at over $3 billion
Shares owned by co-founder and LinkedIn board chairman Reid Hoffman, who is among those stockholders selling their shares in the IPO, would represent about 21.7 percent of voting power after the offering. Other key stakeholders offering their shares include Goldman Sachs , McGraw-Hill Companies Inc and Bain Capital Venture Integral Investors LLC. Major investors Sequoia Capital, Greylock Partners and Bessemer Venture Partners that together own about two-fifths of the company will not be participating in the IPO.
LinkedIn earned $15.4 million in 2010 on net revenue of $243 million. (Reporting by Brenton Cordeiro in Bangalore; Editing by Maju Samuel)
Suggested book:The Power Formula for Linkedin Success
LinkedIn IPO should make the company green with cash estimate $3 billion valuation
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Wow, those are pretty big numbers! Did they surpass expectations, or was it lower than previous summations? It makes me guilty of not using my Linkedin profile more often, though I did log in the site a few days ago, after months of non-use.