New York: Shares of LinkedIn Corp surged nearly 90% in their public trading debut on Thursday, a jump reminiscent of the heyday of investors’ love affair with Internet stocks in the late 1990s.
The shares rose to $85.18 in morning trading on the New York Stock Exchange, 89.3% above their $45 initial public offering price. That pushes the market value of the company to about $8 billion.
LinkedIn is the first prominent US social networking company to publicly test just how hungry investors are for Web 2.0 inhabitants as people turn to other hot names in the space: Facebook, Groupon, Twitter and Zynga.
$352.8 million on Wednesday by selling 8% of the company, or 7.84 million shares, for $45 each.
The company increased its anticipated price range by $10 on Tuesday to $42 to $45 per share.
Underwriters on the IPO were led by Morgan Stanley, Bank of America Merrill Lynch and JPMorgan.