LinkedIn Shares Skyrocket in IPO
Market hungry for social networking companies
By Kevin Spak,  Newser Staff
Posted May 19, 2011 11:01 AM CDT
Reid Hoffman, center, the founder of LinkedIn, and company executives celebrate the listing of LinkedIn, Thursday, May 19, 2011 on the New York Stock Exchange.   (AP Photo/Mark Lennihan)

(Newser) – LinkedIn had its IPO today, and there was an investor feeding frenzy before the bell had even rung. The shares wound up opening at $83, an 84% premium on their $45 offering price, the Wall Street Journal reports. They're currently trading at around $105—having peaked this morning at $122. It’s the biggest Internet IPO since Google, and has raised fears that investors are buying into a new tech bubble.

LinkedIn is also the first social networking site to go public, and is seen as a good indicator of how a Facebook offering would go over. “In Silicon Valley, everyone wants this to be a success,” says one tech adviser. “If it works, there's going to be a big push from a lot of social media companies to try to get out before Facebook does. Because once Facebook comes out, they're not going to be able to get any analyst attention.”
 

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