LinkedIn Closes First Trading Day With A Value Of $8.95 Billion

Jeff Weiner, Linkedin Ceo

Professional social net LinkedIn (NYSE: LNKD) more than doubled its share price on its first day of going public on the New York Stock Exchange, giving it a market value of $8.95 billion. The $45 opening price ended the day up 108.58 percent — closing at $94.25 a share.

In an interview with CNBC (NSDQ: CMCSA), LinkedIn CEO Jeff Weiner was asked if he would have been tempted to sell more shares if he knew the price would soar to over $90. “No, today I’m thinking about really executing on the plan,” he said. “Again, I don’t think you can read too much into these initial trades now that it’s first trading. For us it’s all about the fundamentals.”

With LinkedIn’s successful first day, expect bankers to be even more interested in competing and encouraging IPOs from other internet companies.

Still, after today’s news, the cries of “internet bubble” are only going to get louder. Furthermore, despite bankers clamoring for deals, it’s worth wondering how much more investors will be willing to absorb, ultimately, at least. In the wake of LinkedIn pricing its IPO in March, rival business social net Viadeo decided to withdraw its planned offering in the face of what was eventually a $4 billion valuation for LinkedIn. All in all, investors certainly showed a strong appetite today and it will be interesting to see how the stock does over the next week in terms of setting the trend.

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