LinkedIn (LNKD) Soars in Market Debut

Shares of LinkedIn, a professional-networking Website, more than doubled on their first day of trading, a very surprising market debut that both echoes the exuberance of the last tech boom and leads the coming of several multi-billion dollar Internet companies, like Facebook, that are expected to go public in the next 12 months. The initial public offering, which was the largest by an Internet company since Google’s debut in 2004, was a major test of investor demand for the new wave of fast-growing social Web companies. Valuations for startups, like Groupon, Facebook, Twitter and Zynga, have been surging in private secondary markets in recent months. Today’s market action was a loud and robust confirmation that investors’ appetite for these companies shows no signs of waning. Linkedin’s shares opened at $83 – up from its I.P.O. price of $45 – and rose as high as $122.70 before closing at $94.25.

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