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 Googleâ€™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 Â of facebook, leads its way to the Â 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. Â As a result of investorsâ€™ 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.