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article imageSocial network LinkedIn set for IPO on Thursday

By Aaron Jefferson     May 18, 2011 in Business
LinkedIn, the business oriented networking site, is set to go public May 19 in what is expected to be the first among a batch of high-profile Internet firms to go public.
LinkedIn will begin trading on the NYSE using the symbol LNKD. The website hopes to raise upwards of $274 million and expects to be valued around $4.3 billion after the IPO. 7.84 million shares are to be issued at an expected price of $42 per share.
The eight-year-old company first became profitable in 2010 with a net income of $10.1 million for the first nine months of 2010. Q1 revenues hit $93.9 million, a 110% increase the year-ago period and generated net income of $2 million.
LinkedIn announced in January its intention to file for an IPO and is seen as a litmus test for future social-media IPO’s. Social media giants Facebook, Groupon, and Twitter are expected to follow suit and file IPO’s in the next year.
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