January 28, 2011
LinkedIn Registers For IPO
On Thursday, LinkedIn registered with U.S. regulators to have an initial public offering (IPO) of stock.
The career-oriented social network filed paperwork with the U.S. Securities and Exchange Commission (SEC) saying that it planned to raise money to expand its operations."We believe we are transforming the way people work by connecting talent with opportunity at massive scale," LinkedIn said in the SEC filing.
"Our goal is to provide a global platform capable of mapping every professional's experience, skills and other relevant professional data to his or her professional graph, including connections with colleagues and business contacts."
LinkedIn has raised about $103 million since its inception and now has about $90 million in cash.
LinkedIn said in a press release posted at its website that the number of shares to be offered and the price range had not yet been determined.
The social network said in its filing that it is the world's largest professional network on the Internet with over 90 million members in more than 200 countries.
Scott Sweet, senior managing partner of IPOBoutique, told The Associated Press that LinkedIn might be the most highly anticipated IPO in the technology industry since software maker VMware Inc. went public in 2007.
LinkedIn members cultivate and manage career or business networks in the online community.
According to the LinkedIn filing with the SEC, the company made a net profit of $10 million on net revenue of $161 million in the first nine months of 2010.
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