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LinkedIn to go public this year

Social network for biz set eyes Wall Street

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LinkedIn Corp confirmed yesterday that the company will go public this year.

The decision by LinkedIn, which was founded in 2002, to snuggle up to Wall Street is significant because it's the first such social network to make the jump this year.

Plenty of noises have been coming out of the Facebook camp, which recently confirmed that it would hit IPO status by April 2012 at the latest.

The Mark Zuckerberg-run firm was valued at a staggering $50bn earlier this month.

LinkedIn, on the other hand, will seemingly be looking at a much more conservative public offering.

According to a US regulatory filing, the company's net revenue increased by nearly 50 per cent to $161.4m in the first nine months of last year on profit of $1.85m.

LinkedIn, which is firmly aimed at the business set, was co-founded by ex-PayPal exec Reid Hoffman and has 90 million users posting their career biographies on the site. ®

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