Feeds

LinkedIn dumped by biggest sugar daddy

Shares flogged to raise $90m

Securing Web Applications Made Simple and Scalable

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. ®

Build a business case: developing custom apps

More from The Register

next story
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.