LinkedIn Corporation (NYSE:LNKD) announced that it is going to be commencing an offering of $1 billion of shares of its Class A common stock. In addition, LinkedIn is planning to grant the underwriters an option to purchase up to an additional $150 million of the shares.
The company says the reason for the offering is to increase LinkedIn's financial flexibility and to further strengthen its balance sheet. LinkedIn intends to use the net proceeds of the offering primarily for general corporate purposes, including working capital, expansion of its product development and field sales organizations, international expansion, general administrative matters and for capital expenditures, including infrastructure. It may also use a portion of the net proceeds from the offering for potential strategic acquisitions of, or investments in, complementary businesses, technologies or other assets.
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