LinkedIn Closes At $94 Per Share, With $8.9 Billion Market Cap

LinkedIn now has a valuation of $8.9 billion after its opening to $83 per share and a market cap of $7.8 million and closed at $93.86 per share later.

The professional social network’s trading  started at $83(up 84 percent) and reached as high as $122.70 although it were priced at $45 per share initially.

From the offering of 7,840,000 shares, with 94.5 million shares of stock outstanding, LinkedIn raised $352.8 million in gross in total.

This morning, CEO of LinkedIn told Bloomberg TV that he was happy with the IPO  price range and cautions against reading into any one day of trading, as the company is in it for ‘the long haul’.

This IPO is quite strong compared to other that debuted this year. For example, chinese social networking company Ren Ren went public at $14 per share, but trading has dropped below this price.

Watch the video for more information about the news.

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