Investors are wide eyed with with anticipation as the much heralded IPO for LinkedIn (NYSE:LNKD) is set for tomorrow morning. The online networking juggernaut has seen its IPO shares jump to $45 in after hours trading. Mutual funds, pension funds, and all of the major money managers were allowed first crack at the much anticipated release. These investment outlets have pushed the the IPO to much higher than the original $32-$35 expected. The LinkedIn IPO has already netted the company more than $4 billion. This marks the highest debut on Wall Street for a U.S Internet company since Google’s debut nearly 7 years ago.
Many analyst believe the shares will climb higher when the investing public scrambles to get their hands on as many shares of LinkedIn when it goes live. LinkedIn is a unique company that makes the majority of its income from its pay for access to better data system. LinkedIn earned nearly $3.4 million on revenue of $243 million last year. LinkedIn’s CEO is Jeff Weiner a former Yahoo Inc executive and has been with LinkedIn for the last two years.
This could be the beginning of a steady line of Internet based companies that plan to or are claiming to potentially go public. This list includes most of the Internet heavyweights such as Twitter, Facebook, Groupon and Zynga.
LinkedIn is a business-oriented social networking site. Founded in December 2002 and launched in May 2003, it is mainly used for professional networking. The Company is based in Mountain View, California which is also the home of internet giant Google.