LinkedIn IPO Shares Skyrocket on NYSE

LinkedIn, a professional social networking site similar to that of Facebook and Twitter, hasmoney pile begun to trade its shares this morning on the New York Stock Exchange.

They priced their IPO in January at $45 per share, however today LinkedIn has begun trading at $83.  That number has been fluctuating all day, even reaching $93 per share.  This means that Linkedin has more than doubled in value, roughly an 85% increase.

LinkedIn is currently offering 7,840,000 shares in hopes to raise $406 million.  There are 94.5 million shares outstanding, not including the 1,176,000 shares covering over-allotments.

According to LinkedIn, their Q1 revenue in 2011 is up a whopping 110%.

They state that they will use their revenue to reinvest in their website, explore more technologies, examine potential acquisitions and add to their marketing and management strategies.

SOURCEtechcrunch.com       
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