LinkedIn raises follow-on offering

LinkedIn raises follow-on offering

Bangalore: 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 14 November, the professional networking company said it would offer 8 million shares.

Selling stockholders included chief executive officer (CEO) 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, Bank of America 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.

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