LinkedIn Corp., the first major U.S. social-media company to sell shares to the public, raised $352.8 million in an initial public offering after pricing its shares at the top end of the range.
The Mountain View, California-based company sold 7.84 million shares at $45 each, according to a statement released today. LinkedIn raised the price range yesterday to $42 to $45 from $32 to $35. At the IPO price, the company has a market value of $4.25 billion, or 11.3 times projected annual sales. That compares with 13.8 for Facebook Inc. and 8.3 for Salesforce.com Inc. (CRM)..