Tags: LinkedIn | Stock | Offering

LinkedIn Prices Secondary Stock Offering at $71 a Share

Thursday, 17 Nov 2011 08:04 AM

 

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LinkedIn has priced a secondary offering of 8.8 million shares at $71 apiece.

The online professional networking service said Wednesday that most of the shares will be sold by employees and early backers. The company is selling 1.3 million.

LinkedIn Corp. announced plans for the offering Monday, saying employees and early backers planned to sell 6.7 million shares to reap gains from the quick run-up in the company's stock after it went public in May. Wednesday's announcement shows that amount has risen.

The sale of LinkedIn's 1.3 million shares at the offering price would bring in $91 million. It plans to use the funds to help finance its expansion.

LinkedIn said its underwriters also have a 30-day option to buy up to 1.3 million more shares to cover over-allotments.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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