LinkedIn, the social network for business, has valued itself at $3.3bn ahead of its flotation on the New York Stock Exchange (NYSE) later this month.
The company adds that it expects to receive between $32 and $35 for each of its shares, and hopes to sell over 7.8 million shares from its initial public offering (IPO) – raising a total of $274bn.
Based on the valuation LinkedIn has given itself, founder Reid Hoffman’s stake in the company is worth around $600m.
LinkedIn announced its decision to make an IPO earlier this year, and will become the first social network to publicly offer shares when its NYSE listing goes live. Facebook and Twitter are rumoured to be considering following suit in the months ahead.
Launched in 2002 LinkedIn has around 100 million members in over 200 countries worldwide, and the company is currently going through a period of sustained growth.
According to the SEC filings, LinkedIn raised revenues of $93.9m in the first quarter of 2011, more than double the $44.7m it made in the same period in 2010. Profits also increased to $2.1m from $1.8m.