Press Esc to close
Friday 29 August 2014
News updated at 12:45 PM IST
Weather
Max: 25.6°C
Min : 19.7°C
In Bangalore
Generally cloudy

LinkedIn to sell shares worth USD 1 bn; fund global expansion

New York, Sept 4, 2013 (PTI):

Business networking site LinkedIn will sell shares worth USD 1 billion to fund its global expansion as well as invest in product development and meet working capital requirements.

The California-based firm, which claims to be the world's largest professional network, has over 238 million members in more than 200 countries and territories of which Asia Pacific, including India, accounts for around 42 million members.

"LinkedIn Corporation is commencing an underwritten registered public offering of USD 1 billion of shares of its Class A common stock," the firm said in a statement yesterday.


In addition, it will grant the underwriters an option to purchase up to an additional USD 150 million of its shares of Class A common stock, it added.

The principal purposes of the offering are to increase LinkedIn's financial flexibility and to further strengthen its balance sheet, it said.

"LinkedIn intends to use the net proceeds of the offering primarily for general corporate purposes, including working capital, expansion of its product development and field sales organisations, international expansion, general administrative matters and for capital expenditures, including infrastructure.

"It may also use a portion of the net proceeds from the offering for potential strategic acquisitions of, or investments in, complementary businesses, technologies or other assets," the firm added.

The lead book running managers of the proposed offering are J P Morgan Securities LLC and Morgan Stanley & Co, it said adding Goldman, Sachs & Co and BofA Merrill Lynch are acting as joint book running managers, while, Allen & Company LLC is acting as co-manager.

In May 2011, LinkedIn closed its initial public offering (IPO) selling a total of 6,003,804 shares of its Class A common stock and some of its stockholders sold a total of 3,012,196 shares of the Class A common stock.

The firm received cash proceeds of USD 248.4 million, net of underwriting discounts and commissions and other costs associated with the offering.

LinkedIn's shares closed at USD 246.07 apiece yesterday from its previous close of USD 246.13 on the NASDAQ.

Go to Top

Photo Gallery
Union Railway Minister Sadananda Gowda during a visit to Ernakulam railway station in Kochi ...

Union Railway Minister Sadananda Gowda during a visit to Ernakulam railway station in Kochi ...

Bomb Squad members checking a suspected bag found at Bandra Station in Mumbai ...

Bomb Squad members checking a suspected bag found at Bandra Station in Mumbai ...

Red Cross workers walk through an Ebola hit area  in Monrovia, Liberia ...

Red Cross workers walk through an Ebola hit area in Monrovia, Liberia ...

Models take part in awareness campaign 'Save Ganga and Green India' in Bhopal ...

Models take part in awareness campaign 'Save Ganga and Green India' in Bhopal ...

Siddaramiah presenting kit to a beneficiary  during launch of 'Pradhan Mantri Jan-Dhan Yojana' ...

Siddaramiah presenting kit to a beneficiary during launch of 'Pradhan Mantri Jan-Dhan Yojana' ...

Ganesh idol made of dry fruits ahead of Ganesh Chaturthi festival in Mumbai ...

Ganesh idol made of dry fruits ahead of Ganesh Chaturthi festival in Mumbai ...

A young girl viewing Ganesh statues for sale on the eve of the Ganesh Chaturthi in Jaipur ...

A young girl viewing Ganesh statues for sale on the eve of the Ganesh Chaturthi in Jaipur ...

Team owners Sachin Tendulkar and Ranbir Kapoor during the launch of Indian Super League ...

Team owners Sachin Tendulkar and Ranbir Kapoor during the launch of Indian Super League ...

John Abraham, signs a football during the launch of the Indian Super League, in Mumbai ...

John Abraham, signs a football during the launch of the Indian Super League, in Mumbai ...

Founding chairperson Nita Ambani at the launch of the Indian Super League in Mumbai ...

Founding chairperson Nita Ambani at the launch of the Indian Super League in Mumbai ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523