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LinkedIn opens IPO at $83 per share in NYSE under the symbol LNKD; closes at $94.25

US-based professional networking website LinkedIn has
started trading its shares at the New York Stock Exchange (NYSE) under the symbol LNKD, and has close at $94.25. At one point, it hit $121.97.
LinkedIn had earlier priced its IPO at $45 per share, giving the company a valuation of
$4.5 billion but it began trading at $83.00 per share reporting a 84

US-based professional networking website LinkedIn has
started trading its shares at the New York Stock Exchange (NYSE) under the symbol LNKD, and has close at $94.25. At one point, it hit $121.97.
LinkedIn had earlier priced its IPO at $45 per share, giving the company a valuation of
$4.5 billion but it began trading at $83.00 per share reporting a 84
percent increase from $45 per share, reports TechCrunch.

LinkedIn is offering a total of 7,840,000 shares and is
looking to raise as much as $406 million in the offering. The company says it
will use the funds from the offering for general corporate purposes, including
working capital, sales and marketing activities, general and administrative
matters and capital expenditures. The funds could also be used for acquisitions
or investments in complimentary technologies.

The company just reported that Q1 revenue in
2011 was up 110 percent to $93.9 million. Net income increased to $2.08
million, from $1.81 million in Q1 2010. LinkedIn gets 70 percent of revenue
from business subscriptions. LinkedIn currently has around 9 million users in India.

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