Back in January we told you that LinkedIn, the social network targeted at professionals, was heading for an initial public offering. We also recently told you about a LinkedIn infographic and that the milestone of 100 million users had been reached. The LinkedIn IPO has now taken place with a value of $8.9 billion achieved after its first day trading as a public company.
That’s a pretty staggering accomplishment as the shares more than doubled in price in the first day of trading, beginning at $45 and ending at $94 after a high of $122.70. That makes the value of the company $8.9 billion, which as Adam Ostrow of Mashable points out, is 36 times the amount of revenue that LinkedIn pulled in for 2010.
Todd Wasserman, also of Mashable, points out that this means that LinkedIn is now comfortably in the top 500 most valuable U.S companies and in fact its current value places it higher than JCPenney and United Continental Holdings, the largest global airline. That’s some achievement for a social network that was only launched 8 years ago. A few of the other companies valued at around the same level are Royal Caribbean Cruises on $8.7 billion, Tiffany and Co. on $8.9 billion and Electronic Arts on $8 billion.
What are your thoughts on the successful first day of trading for LinkedIn? Let us have your comments on this please.