Mountain View, Calif. – Looking to take full advantage of
the booming social networking space, LinkedIn, the operator of the popular
online professional network, on Monday greatly increased the expected size of
its upcoming initial public offering (IPO), a move that could push the
company’s value to more than $3 billion.
The company now says it plans to raise
up to $315.6 million — up from the $175 million it announced in January — by
selling 7.84 million shares at $32-$35 each.
Even at the low end of the price
range, the IPO, which is expected to price next week, would push the company’s
valuation to above the $3 billion mark.
LinkedIn, which has more than 100
million registered members, recently reported first-quarter revenue of $93.9
million, up from $44.7 million a year ago, with net income rising 14% to $2.1
million.
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