LinkedIn raises follow-on offering

LinkedIn Corp raised its follow-on public offering to about 8.75 million shares and priced it at USD 71 a share in a bid to raise working capital, including further expansion of its product development and field sales organizations.

On Nov. 14, the professional networking company said it would offer 8 million shares.

Late on Wednesday, LinkedIn said it will sell about 1.3 million shares in the offering, which at the USD 71 price could raise up to USD 92.3 million, while the rest will be sold by existing stockholders.

Selling stockholders included Chief Executive Jeffrey Weiner and private equity backer Bain Capital Venture Integral Investors LLC, which sold off all its shares.

The bookrunning managers of the offering are Morgan Stanley & Co LLC, BofA Merrill Lynch and J.P. Morgan Securities LLC. Allen & Company LLC and UBS Securities LLC are co-managers.

This month, LinkedIn reported a revenue of USD 139.5 million, above Wall Street expectations of USD 127.6 million, according to Thomson Reuters I/B/E/S.

LinkedIn shares, which went public in May, closed at USD 71.56 on Wednesday on the New York Stock Exchange.