Hats off to LinkedIn! After its launch in 2003, LinkedIn came into the limelight last week with its IPO (initial public offering) on Thursday, 19th May 2011. Since Google’s launch of IPO in 2004, this is the most momentous public offering by a social networking company. LinkedIn comparably a smaller social network with one fifth of the 500 million users of facebook, leads its way to the forefront by offering many services that fits the requirements and lifestyles of professional individuals.
With 7.8 million shares at $45 per share, LinkedIn started its trading on NYSE on Thursday morning. As a result of investors’ obsession to get involved in the social networking market, the price of shares shot up just after a few minutes of the opening bell to more than double the price of $ 90.50 per share. After dropping back to $ 82.71, the stock traded in the upper range of $80s through rest of the first half session with a closing price of $94.25.
The new milestone of having entered into the public trading sector on Wall Street will certainly give LinkedIn the capital needed to carryon and develop its business to a larger extent in the coming future.