LinkedIn hikes IPO price range by 30%

LinkedIn Corp. raised the price range of its initial public offering by 30% Tuesday — just two days before the social-networking firm’s shares are expected to go public.

In a filing with the Securities and Exchange Commission, LinkedIn boosted its proposed offering range to $42 to $45 a share, up from the previously designated range of $32 to $35 a share.

The company maintained the amount of shares proposed in the offering to 7.84 million. About 28% of the shares in the offering are from selling stockholders.

At the high end of the range, the IPO could raise about $217 million for LinkedIn.

Analysts who cover the IPO market said the move was made after roadshows for the offering demonstrated high demand for the shares. In a report Tuesday morning, Greenwich, Conn.-based Renaissance Capital cited “strong institutional demand” for the shares.

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- Posted: 2011-05-17 10:30:03

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