Sources: LinkedIn To Go Public in 2011, Trying To Beat Facebook To It

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Sources have told Reuters that LinkedIn, the social network for professionals, has plans to sell public stock options in the upcoming year. According to the story, the company, which has over 85 million profiles and makes money from advertising and premium account sales, has already chosen Morgan Stanley, Bank of America and JP Morgan as its financial underwriters, who all pitched the company back in November.

In a statement made to Techland, Director of Corporate Communications for LinkedIn Hani Durzy said, “We don’t comment on speculation. An IPO is one of many tactics that we could choose to pursue. We are focused on building our business and doing what is in the  best long-term interest of LinkedIn members and shareholders.”

However, two other sources tell the news source that LinkedIn is rushing their IPO in order to beat Facebook, who is not expected to go public until late 2012. Facebook is under inquiry by the SEC who is determining if Facebook has exceeded a 499 limit to remain privately-held, which may make the company sell public stock sooner.  “Some of these companies want to go public because they want to beat Facebook and others out,” one of the sources said. “If Facebook went public before Linkedin, do you think anyone would pay that much attention to Linkedin?”

More on TIME.com:

As Facebook Hits A $50 Billion Valuation, Will It Go Public?

Hulu Decides Not To Go Public, Wonders How To Raise Cash

New Year’s Resolution: Clean Up Your Google Search Results

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