LinkedIn prepares IPO

Steve Dinneen
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Business networking site LinkedIn plans to raise as much as $175m (£110m) in an initial public offering that could value the firm at almost $3bn.

The highly-rated company saw its sales more than double to $161.4m in the first nine months of last year from $80.8m in 2009. Its profits for the same period hit $1.85m.

Morgan Stanley, Bank of America and JPMorgan Chase will be among the bookrunners for the offering.

The number of shares to be offered and the price range for the offering have not been finalised, according to a statement the company filed with the US Securities and Exchange Commission (SEC).

A portion of the shares will be issued and sold by the company, while a separate portion will be sold by certain stockholders of LinkedIn, the filing said.

LinkedIn, led by chief executive Jeff Weiner, has 90m users, compared with Facebook’s 500m.