LinkedIn Sets Higher IPO Price

The company's initial public offering will value the social network at over $3 billion

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Social resumé site LinkedIn has increased the amount it intends to raise in its initial public offering, which would now value the website at more than $3 billion. The company will now sell up to $315.6 million in shares through shares at $32-$35 a piece, according to its regulatory filing today (its CEO Jeff Weiner is picture above). The company's IPO is a hotly anticipated event on Wall Street because LinkedIn will be the first of the social networking giants to go public. LinkedIn has more than 1,000 employees and 90 million users across 200 countries and is the largest professional social networking site. Though the company had more than $243.1 million in revenue last year (a 103 percent increase from 2009), GigaOM's Ryan Kim warns investors not to put the company on the same pedestal as Facebook. "It's a little presumptuous to lump all these IPOs together," he writes. "But a good showing by LinkedIn could provide a nice bit of momentum for an IPO market that has been dormant for a while and is now getting hot again."

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