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Shares in LinkedIn soar on stock market debut Shares in LinkedIn soar on stock market debut
(40 minutes later)
Shares in business networking website LinkedIn have soared on their debut to open at $83 in New York, having been priced at $45 each. Shares in business networking website LinkedIn have soared more than 80% on their debut to trade at $83 in New York, having been priced at $45 each.
That price was already at the top of an increased range. Its share price had hit $93 at one point in the sort of debut rally not seen since the dotcom bubble of the late 1990s.
LinkedIn has sold 7.84 million shares, raising $352.8m (£218.3m) and valuing the company at $4.25bn. The initial sale price was already at the top of an increased range.
There have been concerns that social networking sites are creating a new stock market bubble, which will be exacerbated by LinkedIn's huge rise. LinkedIn sold 7.84 million shares, raising $352.8m (£218.3m) and valuing the company at $4.25bn.
$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. There have been concerns that social networking sites are creating a new stock market bubble.
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 was being 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.
Shares in one of China's biggest social networking sites Renren rose sharply on their debut in New York earlier this month.
Renren's shares were priced at $14, and in their first day of trading peaked at $21.93 before closing at $18.01.
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.
Before shares in LinkedIn started trading, the new price range had valued it at about 17 times its earnings from 2010. On Wednesday, the price range for LinkedIn's initial public offering was lifted from $32 to $35 a share to a range of $42 to $45.
Before shares in LinkedIn started trading, this 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.