The business oriented networking site is expected to go public, later this week, poised to sell 7. 8 million shares at between $32 and $35 a share. ?This public floatation is in the hope to raise as much as $ 274 million, in what could be one of the first and major social media IPO. The company will be trading at the New York Stock Exchange with the symbol LNKD.
LinkedIn announced its intention to file for the IPO in January this year. At that time, the company was valued at $2.51 billion based on shares traded in the secondary market.
LinkedIn co-founder and executive chairman Reid Hoffman will hold nearly 21.7 percent of the voting power of the company?s stock after the IPO, holding Class B shares (which will have 10 times the votes per share as the people who buy Class A shares).
Other stakeholders with large voting blocs in the company after the IPO will be Seqouia Capital with 19.3 percent, Greelock Partners with 16.1 percent, Bessemer Venture Partners with 5.2 percent and CEO Jeff Weiner with 2.5 percent.