Mountain View, Calif. – Shares of LinkedIn soared more than 140% by midday Thursday on their first day of trading on the New York Stock Exchange, after the Silicon Valley-based online professional network priced its initial public offering (IPO) at $45 — the top end of its already expanded range.
The IPO, which raised $352.8 million, was the largest in the Internet sector since Google’s in 2004, valuing the company at $4.25 billion.
The staggering jump in share price, however, then more than doubled that valuation.
LinkedIn, which has more than 100 million registered members, last year generated net income of $3.4 million on revenue that doubled to $243.1 million.
Shares are currently trading under the symbol “LNKD.”