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LinkedIn shares sold for $45 at top of range Shares in LinkedIn soar on stock market debut
(about 1 hour later)
Shares in business networking website LinkedIn have been priced at $45 each, the top of their indicated range. Shares in business networking website LinkedIn have soared on their debut to open at $83 in New York, having been priced at $45 each.
On Wednesday, the price range for the initial public offering of the company was lifted from $32 to $35 a share to a range of $42 to $45. That price was already at the top of an increased range.
LinkedIn has sold 7.84 million shares, raising $352.8m (£218.3m) and valuing the company at $4.25bn.LinkedIn has sold 7.84 million shares, raising $352.8m (£218.3m) and valuing the company at $4.25bn.
The shares are due to begin trading on the New York Stock Exchange on Thursday. There have been concerns that social networking sites are creating a new stock market bubble, which will be exacerbated by LinkedIn's huge rise.
$4bn looks a very fancy price for a company with revenues last year of $243m and profits of $15.4m.$4bn looks a very fancy price for a company with revenues last year of $243m and profits of $15.4m.
That looks modest compared with the figures of $50bn and more being bandied around for Facebook's valuation.That looks modest compared with the figures of $50bn and more being bandied around for Facebook's valuation.
Both price tags will look dumb to those sceptics who see Facebook as an ephemeral craze for people with poor social skills and LinkedIn as little more than a glorified RolodexBoth price tags will look dumb to those sceptics who see Facebook as an ephemeral craze for people with poor social skills and LinkedIn as little more than a glorified Rolodex
It is the biggest technology flotation since the tech bubble burst in 2000 and some analysts are suggesting that its pricing suggests a new bubble is inflating. It is the biggest technology flotation since the tech bubble burst in 2000.
But others argue that there is great value to connecting people online and that LinkedIn provides great opportunities for companies to find new customers and staff. On Wednesday, the price range for the initial public offering of the company was lifted from $32 to $35 a share to a range of $42 to $45.
LinkedIn is the first US social network site to get a share listing, and is seen as a test of appetite for them. LinkedIn is the first US social network site to get a share listing, and was being seen as a test of appetite for them.
Facebook and Twitter are both expected to seek stock market listings in the next few years.Facebook and Twitter are both expected to seek stock market listings in the next few years.
The new price range for LinkedIn values it at about 17 times its earnings from 2010. Before shares in LinkedIn started trading, the new price range had valued it at about 17 times its earnings from 2010.
That is about half of the valuation multiple being given to Facebook, but considerably higher than more mature internet stocks that already have stock market listings.That is about half of the valuation multiple being given to Facebook, but considerably higher than more mature internet stocks that already have stock market listings.
Google, which went public in 2004, has a market value of about six times its annual revenues.Google, which went public in 2004, has a market value of about six times its annual revenues.