MOUNTAIN VIEW (AP) – Professional networking website LinkedIn Corp. plans to sell shares to investors for $32 to $35 each in an initialpublic offering.
The company says the offering could raise up to $274.4 million. LinkedIn estimates that its net proceeds, based on an IPO price of $33.50 per share, would be about $146.6 million after expenses.
LinkedIn, with 100 million members, is one of the first major U.S. social networking websites to gear up for an IPO. Its debut could pave the way for Facebook, Groupon and other Internet companies.
LinkedIn will offer 4.8 million shares. The company’s stockholders, including founder Reid Hoffman, Bain Capital, Goldman Sachs and publishing company McGraw-Hill, plan to sell 3 million shares.
LinkedIn is based in Mountain View, CA.
(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)