LinkedIn boosts IPO share price

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Mountain View, Calif.—Business social networking site LinkedIn Corp. has boosted the anticipated share price of its initial public offering, which is expected Thursday. In a filing with the Securities and Exchange Commission, the company said its IPO share price would be between $42 and $45. In a filing on May 9, the company said its anticipated share price would be between $32 and $35. With the increased share price, the total value of the IPO could reach $405.7 million. The previous total value, based on the lower share prices, would have been $315.6 million. Because some of the shares being offered are owned by shareholders and not the company itself, LinkedIn would raise about $270.2 million with the IPO. Overall, the company's valuation would exceed $4 billion. LinkedIn said it plans to use the proceeds from the IPO to invest in product development, field sales and capital expenses.
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