Press Esc to close
Tuesday 28 June 2016
News updated at 3:18 AM IST
Weather
Max: 27.5°C
Min : 19.4°C
In Bengaluru
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
People carry an effigy representing inflation devil on a camel-cart during a demonstration...

People carry an effigy representing inflation devil on a camel-cart during a demonstration...

A car wades through a water logged lane at Jayadev Bihar after heavy monsoon rains in Bhubaneswar...

A car wades through a water logged lane at Jayadev Bihar after heavy monsoon rains in Bhubaneswar...

A sadhu at a base camp for Amarnath Yatra ahead of their registration in Jammu...

A sadhu at a base camp for Amarnath Yatra ahead of their registration in Jammu...

The titular head of Wodeyar dynasty Yaduveer Krishnadatta Chamaraja Wodeyar and Trishika Kumari...

The titular head of Wodeyar dynasty Yaduveer Krishnadatta Chamaraja Wodeyar and Trishika Kumari...

A white tiger takes bath in a pond during a hot summer day at its enclosure in Kolkata Zoo...

A white tiger takes bath in a pond during a hot summer day at its enclosure in Kolkata Zoo...

An artiste gives finishing touches to an idol of Goddess Durga for upcoming Durga Puja...

An artiste gives finishing touches to an idol of Goddess Durga for upcoming Durga Puja...

Collapsed tents at BJP Awadh Kshetriya Booth Sammelan following the storm, in Barabanki...

Collapsed tents at BJP Awadh Kshetriya Booth Sammelan following the storm, in Barabanki...

Women Kabaddi players who will take part in the Women's Kabaddi Challenge, at a press conference...

Women Kabaddi players who will take part in the Women's Kabaddi Challenge, at a press conference...

People enjoy the rainy weather on a beach along the Arabian Sea in Mumbai...

People enjoy the rainy weather on a beach along the Arabian Sea in Mumbai...

The underconstruction Bogibeel Bridge over the mighty Brahmaputra River in Dibrugarh district....

The underconstruction Bogibeel Bridge over the mighty Brahmaputra River in Dibrugarh district....

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