LinkedIn files for $175m IPO

 
City A.M. Reporter
Social networking website LinkedIn has filed with US regulators for an initial public offering of Class A shares of up to $175m (£110m).

The company, whose website caters for professionals and has 90 million users, announced its intention to go public yesterday, but did not reveal the number of shares to be offered or their price range.

LinkedIn's investors include Greylock Partners, Bessemer Venture Partners, Goldman Sachs and Sequoia Capital, a venture capital firm that has backed Yahoo, Google, Apple, Cisco Systems and Oracle.

LinkedIn's IPO could be a test of investor appetite for social networking websites ahead of a highly anticipated offering from Facebook, the social networking site that has more than 500 million users and has been valued at $50bn.

LinkedIn was co-founded in 2002 by Reid Hoffman, an ex-PayPal executive.