LinkedIn Chooses NYSE
It’s no secret by now that LinkedIn has decided to go public. The only potential question was the stock exchange with which it was going to choose to be listed. The answer is that it will be listed on the New York Stock Exchange (NYSE) and not the Nasdaq, which is often chosen by young technology companies going public.
The LinkedIn IPO — one of the most high profile tech-stock debuts of 2011 — is a big psychological boost for the Big Board, which is fighting off an unwanted acquisition overture led by the Nasdaq stock exchange. Other recent tech-stock listing wins for NYSE include today’s debut for Chinese Internet giant RenRen, often referred to as the Facebook of China. Online-music service Pandora Media also has applied to list on the NYSE, under a coveted one-letter stock symbol, “P.” LinkedIn has chosen the ticker symbol LNKD for its’ listing.
According to an item in today’s Wall Street Journal (wsj.com), LinkedIn has disclosed in updated IPO documents that its first-quarter revenue accelerated a bit from the growth pace of 2010. LinkedIn said it generated $93.9 million in net revenue for the three months ended March 31, a 110% jump from the same three-month period of 2010. For all of last year, the company pulled in $243 million in revenue, about 102% more than in 2009, and eked out $1.28 million in income from operations for the first quarter, down from $3.2 million in the same period of 2010. The company has also disclosed it has more than 100 million members, up from more than 90 million when it last filed its IPO materials a month ago.
As recently as January, 2011, private exchange transactions and private auctions of shares of LinkedIn valued the company at as much as $3 billion. It remains to be seen whether that valuation holds up when the shares start trading publicly since private market transactions can be highly speculative, and the apparent froth in recent reports of social media company valuations in the private markets may not be sustainable in a public market exchange.
A message from John Furrier, co-founder of SiliconANGLE:
Your vote of support is important to us and it helps us keep the content FREE.
One click below supports our mission to provide free, deep, and relevant content.
Join our community on YouTube
Join the community that includes more than 15,000 #CubeAlumni experts, including Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger, and many more luminaries and experts.
THANK YOU