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

In abrupt turnaround, Olympus admits it hid losses

Japan's Olympus admitted on Tuesday it hid losses on securities investments dating back two decades, bowing to weeks of pressure to explain a series of baffling transactions that have put the future of the firm in doubt. The revelations by the 92-year-old company appear to vindicate ex-CEO Michael Woodford, who has staged a campaign since being sacked on October 14 to force the firm to come clean on nearly $1.5 billion in questionable payments. Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and internal auditor Hideo Yamada for the cover-up, saying he would consider criminal complaints against them. The admission after weeks of denials shocked investors, sending shares in the endoscope and camera maker skidding almost 30 percent and prompting the biggest non-Japanese shareholder to demand the replacement of the entire board. "Ignorance is no defense," said Jo...

GL SLAMS ‘COLONIAL’ RIGHTS GROUPS

Sri Lanka’s foreign minister Gamini Lakshman Peiris rejected “colonial” criticism Tuesday of a government-appointed civil war probe, after foreign rights groups snubbed an invitation to attend. New York-based Human Rights Watch, London-based Amnesty International and Brussels-based International Crisis Group last week accused the panel of a cover-up and refused an offer from Colombo to appear before it. Peiris said in a speech to the International Institute for Strategic Studies, a leading think-tank based in London, that the rights groups had displayed a “most unattractive attitude.” “It smacks of an attitude that is almost colonial, patronising and condescending, the assumption being that other people must step in because Sri Lankans are unable to chart a course for their own future,” he said. Peiris, who is in London for talks with the British government, said the LLRC was based on similar reconciliation commissions in countries such as South Africa. He urged rights groups and ...

IRRESPONSIBLE TALK BY MEMBERS COST UNP ITS VOTERS, SAYS SAJITH

The voters have distanced themselves from the United National Party (UNP) because several members had demeaned the military victories during the recently concluded war against the Liberation Tigers of Tamil Eelam, said Hambantota District parliamentarian Sajith Premadasa. Former President Ranasinghe Premadasa’s son, Sajith was addressing a meeting at Gurutalawa at the Yatinuwara electorate in Kandy last evening to raise awareness on his Jathika Jeewaya Programme. Mr. Premadasa launched this programme within three electorates in the Gampaha District last week as well. Adding further, Sajith Pramadasa said the UNP suffered erosion in its support as some had uttered irresponsible comments when the Sri Lankan armed forces were gaining victory after victory in the fight against the LTTE. When the Army captured Thoppigala, some in the UNP had said that Thoppigala was only a jungle, while some had accused the then government and the military of claiming to be advancing towards Kilinochc...

Share Blogs

Search This Blog