Germany Social Networking Site OpenBC/Xing Sees IPO Share Listing Dec 7

This is among the first business social network IPOs (on consumer side, Mixi is Japan did its IPO couple of months ago): Germany-headquartered business social networking service OpenBC, soon to change its name to Xing, will list its IPO on Dec 7, the story says.
The company said it plans to raise between EUR35.6 million and EUR63.7 million, from the sale of up to 2.18 million shares and a greenshoe option of up to 327,268 additional shares, divesting a total of about 40 percent of the company. The proceeds will be invested in international expansion, OpenBC said. The company also has plans to expand beyond just business use.


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