NEW YORK: LinkedIn said Monday that it plans to offer 7.84 million shares priced at between $32 and $35 as it becomes the first major US social network to go public.
The Mountain View, California-based social network for professionals is expected to begin trading on the New York Stock Exchange within the next month and will use the symbol "LNKD."
LinkedIn, which has more than 100 million members, is seeking to raise as much as $274.4 million from the initial public offering (IPO) with around $146 going to the company itself.
The career-oriented social network had initially set an overall target of $175 million when it registered for its IPO with the US Securities and Exchange Commission (SEC) in January.
LinkedIn's debut on the stock market will be closely watched by investors ahead of a potential IPO next year by social networking titan Facebook, which has more than 500 million members around the world.
LinkedIn, in an updated filing with the SEC on Monday, said it plans to use the money raised through the IPO to fuel expansion.
LinkedIn hit 100 million members in March. Forty-four million live in the United States and 56 million outside of the country.
LinkedIn grew by 428 percent in Brazil last year, by 178 percent in Mexico, by 76 percent in India and 72 percent in France.
The company made a net profit of $10 million on net revenue of $161 million in the first nine months of 2010, according to its filing with the SEC.
Chinese social network Renren began trading on Wall Street last week. Renren shares were offered at $14 and were trading at $17.08 at mid-day on Monday.
The Chinese site, whose name means "everyone," was founded in 2005 and is the top social networking site in China, where government censors have blocked Facebook.
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