NEW YORK (TheStreet) - LinkedIn (LNKD), the career-networking web site, that has more than quadrupled in value since going public in 2011, was dropping in after-hours trading after saying it plans a $1 billion stock offering.
Mountain View, Calif.-based LinkedIn said the funds would be used to increase its expand the scope of products and services as its seeks to engage users beyond landing a new job. Additionally, LinkedIn said proceeds from the offering would be earmarked for international expansion as the company aims to secure users in countries categorized by investors as emerging economies.
Underwriters for the offering which include JP Morgan Securities and Morgan Stanley. Goldman Sachs and Bank of America Merrill Lynch will have an option to buy an additional $150 million of LinkedIn's Class A common stock, the company said in a statement.
LinkedIn was falling 2.3% to $240.95 in after-hours trading. The shares have gained 447% since going public in May 2011.>Contact by Email. Follow @LeonLazaroff >News stories and columns by Leon Lazaroff.
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