LinkedIn to offer $1bn more in shares after upsurge in prices

NETWORKING site LinkedIn is set to release another $1bn (£643.4m) of stock to sell, following the doubling of share prices through 2013 so far.

The sale will be underwritten by JP Morgan, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch and specialist investment bank Allen & Co.

In its explanation to the US Securities and Exchange Commission, LinkedIn said that it intended to use the money raised for general expenditure: “The principal purposes of this offering are to increase our financial flexibility and to further strengthen our balance sheet”.

The firm added that it could use any capital acquired for international expansion and product development, among other things.

LinkedIn’s share price fell by two per cent after the close in the US, dipping to just over $2.41 as news of the offering broke.