LinkedIn sets float price

Social networks for suits

Facebook for workers website LinkedIn has set the price for which its shares will initially be sold.

The company will sell shares at between $32 and $35 each, which will raise about $271m. This is the first time that LinkedIn is offering shares to the public.

It is selling 7.84 million shares, according to MarketWatch. The company has 94.5 million shares outstanding – giving a total value of $3.3bn.

The site launched in 2003 claims 100 million members in 200 countries, and more than half its members are outside the US.

The flotation will be closely watched, as LinkedIn is seen as a bellwether for other "Web2.0" firms that are ultimately likely to float, such as FaceBook and Groupon. ®