LinkedIn share price almost doubles in NYSE debut

Shares of LinkedIn Corp surged nearly 90 percent in their public trading debut on Thursday, a jump reminiscent of the heyday of investors' love affair with Internet stocks in the late 1990s.

The shares rose to $85.18 in morning trading on the New York Stock Exchange, 89.3 percent above their $45 initial public offering price. That pushes the market value of the company to about $8 billion.

LinkedIn is the first prominent U.S. social networking company to publicly test just how hungry investors are for Web 2.0 inhabitants as people turn to other hot names in the space: Facebook, Groupon, Twitter and Zynga.

LinkedIn, which runs a professional social network, raised $352.8 million on Wednesday by selling 8 percent of the company, or 7.84 million shares, for $45 each.

The company increased its anticipated price range by $10 on Tuesday to $42 to $45 per share.

Underwriters on the IPO were led by Morgan Stanley, Bank of America Merrill Lynch and JPMorgan.

Comments

STUDENTS SURROUND ADMINISTRATIVE BUILDING AT J’PURA

A tense situation has broken out at the Jayawardenapura University after a group of students surrounded an administrative building. The students have reportedly surrounded Vice Chancellor N.L.A. Karunaratna ’ s office building following an announcement that he will not be issuing Mahapola scholarships.

Ukrainians injured as police dismantle Kiev 'tent city'

At least 10 demonstrators have been injured in clashes with Ukrainian police and another 100 detained in the capital Kiev after authorities began dismantling a makeshift "tent city" protesting against corruption. The tent city was set up in October by supporters of Mikheil Saakashvili, a former president of Georgia who has become an opposition politician in Ukraine. Saakashvili, a critic of corruption in Ukraine, was deported to Poland in February. He said he was "kidnapped" by Ukrainian authorities and removed from the country against his will. Andriy Kryshchneko, police chief of police, said at the camp on Saturday that "two court decisions" allowed authorities to search and dismantle the camp. Police said that explosives and other weapons were found at the scene

VIDEO: FONSEKA FOUND GUILTY; SENTENCED TO 3 YEARS

Sarath Fonseka was found guilty by a divided decision in the case regarding the ‘White Flag’ statement and sentenced to 3 years in prison by the Colombo High Court today (November 18). The verdict divided 2:1 was given by the High Court bench, headed by Judge Deepali Wijesundara and comprising Judges DMPD Waraweva and Zulfiqar Razin. Justice Waraweva giving his judgment deliberated that Fonseka was not guilty on all three charges while Justice Wijesundara and Rashim found Fonseka guilty of the first charge, of inciting violence through his statement, and found him not guilty on the second and third charges. Sarath Fonseka, who is currently serving a 30-month jail term imposed by a court martial, was sentenced to three years in prison and fined Rs.5,000. The former Army Commander was accused of inciting violence by, in an interview given to the Sunday Leader, alleging that Defence Secretary Gotabaya Rajapaksa gave an illegal order not to accommodate any LTTE cadres attempting to...

Share Blogs

Search This Blog