Networking site for business professionals LinkedIn is reportedly set to file papers for an initial public offering as soon as…
Kara Swisher of All Things Digital has sources who say the papers may have been submitted after today’s market close. LinkedIn is commenting, but this aligns well with a recent report stating that the company was readying for an IPO and had selected its financial underwriters – Morgan Stanley or Goldman Sachs, according to Kara – for the process.
LinkedIn, with nearly 100 million users, is North America’s standard for professional networking. While smaller and growing less quickly than other so-called networking sites like Twitter and Facebook, LinkedIn is the clear leader for its niche. And with Groupon and Facebook looking unlikely to have IPOs in 2011, this year’s biggest website IPO could be LinkedIn.
UPDATE: It’s official. LinkedIn has just submitted the paperwork and will file for an IPO, according to TechCrunch: “The maximum proposed total offering price is $175 million but this is just a placeholder amount.”
LinkedIn’s revenue in 2009 was $120 million, and in 2010 the numbers are not final, but based on Q1 through Q3, it may have broken the $200 million mark.