LinkedIn ‘raises secondary share offering to $1.2bn’

LinkedIn ‘raises secondary share offering to $1.2bn’

The social network for professionals will now offer the stock at $ 223 a share, CNBC claimed.

LinkedIn announced on Tuesday that it would sell $ 1bn-worth of shares as it moves to bolster product development and perhaps make more acquisitions.

LinkedIn had roughly $ 900m in cash and short-term securities at the end of June. The company did not specify when the secondary offering would take place.

The company said it planned to use the proceeds for general corporate purposes, including further expansion of its product development and international expansion.

“We may also use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement our business, although we have no present commitments or agreements to enter into any acquisitions or investments,” LinkedIn said.

LinkedIn shares, which have more than doubled so far this year, closed down 2.9pc at $ 238.93 on Wednesday.

Finance News – Business news from the UK and world


Leave a Reply

Your email address will not be published.