LinkedIn prices stock offer at $71 per share
MOUNTAIN VIEW, California (AP) - LinkedIn has priced a secondary offering of 8.8 million shares at $71 apiece.
The online professional networking service said Wednesday that most of the shares will be sold by employees and early backers. The company is selling 1.3 million.
LinkedIn Corp. announced plans for the offering Monday, saying employees and early backers planned to sell 6.7 million shares to reap gains from the quick run-up in the company's stock after it went public in May. Wednesday's announcement shows that amount has risen.
The sale of LinkedIn's 1.3 million shares at the offering price would bring in $91 million. It plans to use the funds to help finance its expansion.
LinkedIn said its underwriters also have a 30-day option to buy up to 1.3 million more shares to cover over-allotments.