LinkedIn Shares Retreat After More Than Doubling in IPO Week
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LinkedIn Corp., the networking website aimed at professionals, declined 5.2 percent in New York trading today, after more than doubling in the week of its initial public offering.
The shares fell $4.79 to $88.30 at 4 p.m. on the New York Stock Exchange. On May 18, LinkedIn announced the sale of 7.84 million shares at $45 apiece in its IPO, raising $352.8 million. The underwriters of the company’s offering exercised an overallotment option to buy more shares two days later, boosting the offering size to $405.7 million.