Feeds

LinkedIn dumped by biggest sugar daddy

Shares flogged to raise $90m

Intelligent flash storage arrays

Professional networking firm LinkedIn has upped its follow-on share sale from 8 million shares to 8.75 million in a bid to raise around $92.3m for the company coffers.

At the start of the month, the web firm said it was selling more shares to increase its capital and its public float.

Yesterday, LinkedIn said it had priced the offering at $71 a share and it would be selling around 1.3 million, giving the company somewhere in the region of $90m to "provide additional working capital for LinkedIn, including further expansion of its product development and field sales organisations, for capital expenditures and potential strategic acquisitions or investments".

The remaining shares will be sold by existing stockholders, so LinkedIn "will not receive any proceeds" from these, according to the filing with the Securities and Exchange Commission.

The largest sale from stockholders is coming from Bain Capital, which is getting rid of all its stock in LinkedIn, 3.7 million shares.

Execs and directors from the company, including CEO Jeffrey Weiner, are selling off a combined 2.2 million shares.

And entities relating to Silicon Valley venture capital firm Greylock Partners – which invests in start-ups and growth stage companies – are offloading 1.4 million shares, 10 per cent of their stake. ®

Beginner's guide to SSL certificates

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
5 critical considerations for enterprise cloud backup
Key considerations when evaluating cloud backup solutions to ensure adequate protection security and availability of enterprise data.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.