LinkedIn IPO skyrockets, trades as high as $92.99 a share
LinkedIn shares skyrocketed more than 80% to trade at about $86 a share, and at a high of $92.99 a share, on Thursday as the social networking site launched its initial public offering.
Shares for LinkedIn's IPO were priced at $45 a share on Wednesday, putting the company at a valuation of about $4.3 billion.
Many analysts expected shares in the largest social network aimed at professionals to rise as LinkedIn traded on the New York Stock Exchange for the first day, using the symbol LNKD.
The 8-year-old company, based in Mountain View, Calif., sold 7.84 million shares in its IPO.
In a regulatory filing posted ahead of its IPO, LinkedIn said that although revenue grew from about $78 million in 2008 to about $243 million in 2010, it didn't expect to turn a profit this year.
Photo: Linkedin founder Reid Garrett Hoffman (Center with beard) and CEO Jeff Weiner (second right) at the ringing of the opening bell of the New York Stock Exchange May 19, 2011 during the initial public offering of the company. Credit: Stan HONDA/AFP/Getty Images