LinkedIn Files to Go Public

Updated to include proposed size of initial public offering.

NEW YORK ( TheStreet) -- LinkedIn, the professional-oriented social network, filed a registration statement Thursday to raise up to $175 million in an initial public offering.

Morgan Stanley ( MS), BofA Merrill Lynch ( BAC) and JPMorgan ( JPM) are the underwriters.

LinkedIn generated sales of $120 million in 2009 with a net loss of $3.9 million. In the nine months ended Sept. 30, 2010 the firm posted sales of $161 million.

LinkedIn is valued at $2.5 billion, according to SharesPost, an exchange for private companies.

LinkedIn has more than 90 million members in over 200 countries.

The company was founded in 2003 by former PayPal exec Reid Hoffman. It has raised over $100 million from venture capital firms including Sequoia Capital, Bessemer Venture Partners and Greylock Partners.

The IPO market for tech and media companies has finally started to take off, with both Demand Media ( DMD) and Nielsen ( NLSN) beginning trading Wednesday.

--Written by Olivia Oran in New York.

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