LinkedIn Corporation (NYSE: LNKD) filed for a secondary offering on Monday evening for up to 8 million shares. The company itself is offering 1,271,255 shares of Class A shares and stockholders are offering 6,728,745 Class A shares.
Underwriters in the group are Morgan Stanley, BofA/Merrill Lynch, J.P. Morgan, Allen & Company, and UBS. The syndicate will be given an overallotment option of 1.2 million shares.
Bain Capital Venture Integral Investors is effectively selling its entire stake, Greylock Ventures is selling 10% of its stake, Bessemer Ventures is selling 10% of its stake, and several officers and directors are selling 10% of their stake. SAP Ventures of SAP AG (NYSE: SAP) is selling one-third of its stake as well.
All you have to do is ask a simple question… Why wouldn’t these insiders and backers sell if they are freed up to do so with such huge gains? LinkedIn shares are down almost 5% at $74.77 in pre-market indications but the volume is still extremely light. The post-IPO range is $60.14 to $122.70.
JON C. OGG
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