Mountain View's LinkedIn Hikes Share Price Ahead Of IPO
MOUNTAIN VIEW (CBS/AP) - LinkedIn is jacking up the price it's asking for shares of its initial public offering by 30 percent. That suggests investors are eager to buy stock of the professional networking website, boding well for future IPOs of other social networking companies such as Facebook, Twitter and Groupon.
LinkedIn, based in Mountain View, is raising the price range on its shares to $42 to $45 apiece from $32 to $35 apiece. Shares are expected to price Wednesday and begin trading Thursday.
The new price means LinkedIn could be valued at more than $4 billion after going public, the biggest Internet IPO since Google's debut in 2004. At the middle of the new proposed range, the IPO would raise about $341 million.
KCBS Technology Analyst Larry Magid Comments:
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