LinkedIn Surges in First Day of Trading

Thursday May 19th 2011 by Staff

On the first day after its IPO, share prices for the social networking site more than doubled.

Bloomberg: In the first day of trading after its IPO, stock prices for the LinkedIn social networking site for business professionals more than doubled. In its IPO, the company sold 7.84 million shares at $45 each. In the first morning of public trading, shares were selling for as much as $92.99.

Observers say that investors are attracted to LinkedIn's SaaS model and its hiring solutions service for recruiters.

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