LinkedIn IPO Not Imminent: Report

LONDON (TheStreet -- LinkedIn expects to complete an IPO, but not in the near future, according to Reuters.

The business networking site, which has over 50 million members, has been attracting plenty of IPO chatter, although co-founder and executive chairman Reid Hoffman says that an offering is not imminent.

"Probably at some point a balance will occur when that's the right thing, that will not occur in the near term," he told Reuters.

Speaking at a London event to celebrate LinkedIn reaching 3 million users in Britain, Hoffman explained that the network has not had to tap the $76 million it raised in Series D funding last year.

"We haven't spent a dime of our last financing," he explained. "I think our numbers are good enough that we are not driven by the market."

LinkedIn, which is backed by Goldman Sachs(GS Quote), SAP(SAP Quote) Ventures, McGraw Hill(MHP Quote), and Bessemer Venture Partners, named former Yahoo!(YHOO Quote) executive Jeff Weiner as CEO earlier this year, and has recently been on a partnership tear. The Mountain View, Calif.-based firm has forged deals with Palm(PALM Quote), Microsoft(MSFT Quote), Twitter and Research In Motion's(RIMM Quote) Blackberry division.

The Silicon Valley company, however, is not the only social networking heavyweight taking an unhurried approach to its IPO. Facebook for example recently told Reuters that its offering is not imminent, despite its setting up a dual-class stock structure similar to that employed by Google(GOOG Quote) prior to its 2004 IPO.

The tech IPO market has nonetheless been heating up recently, as evidenced by recent offerings from Fortinet(FTNT Quote) Archipelago Learning(ARCL Quote) and Global Defense Technology(GTEC Quote).