Business social networking platform LinkedIn has released the details of the company’s first initial public offering.
The company, which allows businesses and working professionals to expand their network, plans to raise $275 million by offering 7.94 million shares to the public.
In a recent filing with the US Securities and Exchange Commission, the company said that it plans to offer its share on price range of $32 to $35 per share.
The company is the first popular social networking platform to decide to go public. Rivals like Facebook and Twitter are yet to announce their IPO plans.
LinkedIn, which will be trading under the symbol ‘LNKD’ on the New York Stock Exchange, said that it will offer 4.83 million shares with the rest of the shares coming from the existing shareholders.
Banks Morgan Stanley, Bank of America Merrill Lynch and J.P. Morgan will be acting as under writers and will be allowed to buy 1.176 million shares to avoid over allotment.
The company had been long rumoured to be working on its own IPO after it had hit profitability. In the first quarter, LinkedIn reported a net income of $2.08 million and revenue of $93.9 million, compared to a net income of $1.81 million on revenue of $44.7 million reported in the same quarter a year ago.