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Tuesday, Oct 15, 2019

LinkedIn raises follow-on offering

LinkedIn Corp raised its follow-on public offering to about 8.75 million shares and priced it at $71 a share in a bid to raise working capital, including further expansion of its product development and field sales organizations.

india Updated: Nov 17, 2011 15:26 IST

Reuters
Hindustantimes
         

LinkedIn Corp raised its follow-on public offering to about 8.75 million shares and priced it at $71 a share in a bid to raise working capital, including further expansion of its product development and field sales organizations.



On Nov. 14, the professional networking company said it would offer 8 million shares.



Late on Wednesday, LinkedIn said it will sell about 1.3 million shares in the offering, which at the $71 price could raise up to $92.3 million, while the rest will be sold by existing stockholders.



Selling stockholders included Chief Executive Jeffrey Weiner and private equity backer Bain Capital Venture Integral Investors LLC, which sold off all its shares.



The bookrunning managers of the offering are Morgan Stanley & Co LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC. Allen & Company LLC and UBS Securities LLC are co-managers.



This month, LinkedIn reported a revenue of $139.5 million, above Wall Street expectations of $127.6 million, according to Thomson Reuters I/B/E/S.



LinkedIn shares, which went public in May, closed at $71.56 on Wednesday on the New York Stock Exchange.

First Published: Nov 17, 2011 13:15 IST

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