Professional social networking site LinkedIn is aiming for a valuation of as much as $3.3bn when it launches its initial public offering this month, providing substantial paper wealth for its founders and executives.
Reid Hoffman, the group’s chairman and co-founder, is selling some shares in the IPO, reducing his equity stake from 21.2 per cent to 20.1 per cent. But at the top end of the pricing range of $32 to $35 a share, unveiled on Monday, his stake would still be worth $660m.
As his stake in the company comprises voting B shares, which are owned by original shareholders, he will also have 21.7 per cent of the company’s voting rights.
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