After opening to $83 per share and a market cap of $7.8 million, LinkedIn closed at $93.86 per share, giving the company a valuation of $8.9 billion. Although the professional social network priced at$45 per share, trading started at $83 (up 84 percent) and reached as high as $122.70 and as low as $80.
In total, LinkedIn raised $352.8 million in gross proceeds from the offering of 7,840,000 shares, with 94.5 million shares of stock outstanding. As CEO Jeff Weiner told Bloomberg TV this morning, he was happy with the IPO price range and cautions against reading into any one day of trading, as the company is in it for ‘the long haul.’
Still, it’s hard not to note just how strong this IPO is compared to others that debuted this year. As we’ve written in the past, Chinese social networking company RenRen went publicat $14 per share, but trading has dropped below this price.
| Website: | linkedin.com |
| Location: | Mountain View, California, United States |
| Founded: | May 1, 2003 |
| Funding: | $103M |
With over 100 million users representing over 200 countries around the world, LinkedIn is a fast-growing professional networking site that allows members to create business contacts, search for jobs, and find potential clients. Individuals have the… Learn More
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