LinkedIn Stock More Than Doubles in Market Debut
Shares of the social network for the business-minded opened at $83 and closed at $94.25 after pricing Wednesday night at $45.
NEW YORK – Shares of LinkedIn, the social networking site for the business and professional space, with the stock more than doubling on Thursday.
In its market debut, the stock opened at $83, up 84 percent from the $45 at which the initial public offering of the networking site had priced late Wednesday.
The pricing had given the company a market value of $4 billion, which nearly doubled at its opening price. Briefly after 10 a.m. ET, the stock was up 91 percent at $86.16.
The stock closed up 109 percent at $94.25 after going as high as $122.70 intra-day.
Asked by CNBC about the opening and whether the high price was warranted despite small profits, CEO Jeff Weiner said he feels “terrific,” but would leave the stock valuation to the markets. “You can’t read too much into these initial trades,” he said, vowing to instead focus on the execution of the company’s business plan.
Wall Street observers have been mentioning social networking giant Facebook as an IPO contender for next year. They have also mentioned other big privately-held technology names, such as Twitter and social gaming firm Zynga, as possible future IPO candidates.
LinkedIn’s stock started trading Thursday morning under ticker symbol LNKD. The company raised $353 million, or $217 million after fees, in the IPO.