LinkedIn Drops on $1 Billion Stock Offering
NEW YORK (TheStreet) - LinkedIn
Mountain View, Calif.-based LinkedIn said the funds would be used to increase its expand the scope of products and services as its seeks to engage users beyond landing a new job. Additionally, LinkedIn said proceeds from the offering would be earmarked for international expansion as the company aims to secure users in countries categorized by investors as emerging economies.
Underwriters for the offering which include JP Morgan Securities and Morgan Stanley. Goldman Sachs and Bank of America Merrill Lynch will have an option to buy an additional $150 million of LinkedIn's Class A common stock, the company said in a statement.
LinkedIn was falling 2.3% to $240.95 in after-hours trading. The shares have gained 447% since going public in May 2011.
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