Following the IPO of LNKD, shares nearly doubled at the open. The offering price was adjusted earlier this week, as the underwriter and LNKD agreed to raise the initial offering from $32 to $40-$45. Shares rocketed out at open and topped out at $90 (as of the time I am writing this post). Shares were in such high demand that several brokers sitting near me could not get filled even with $76 bid prior to open. Curiously enough, I wonder how people will now view the Facebook IPO (should it ever come) and the new RenRen (NYSE:RENN) shares of China’s facebook.
Shares of LNKD have retracted back to $82-$85 intra-day and many in the investing community are already whispering about the stock being over pricey. They are questioning whether LinkedIN’s income and revenue can support such a price. Interesting moment to start the day and definitely a great day before options expiration.