New in today’s updated LinkedIn IPO filing: the social networking company for business professionals has decided to list its shares on the New York Stock Exchange.
The LinkedIn IPO — one of the most high profile tech-stock debuts of 2011 — is a big psychological boost for the Big Board, which is fighting off a unwanted acquisition overture led by the Nasdaq stock exchange. Nasdaq, of course, is a traditional haven for tech stocks and would have been an obvious choice for LinkedIn.
Other recent tech-stock listing wins for NYSE include today’s debut for Chinese Internet giant RenRen, often referred to as the Facebook of China. Online-music service Pandora Media also has applied to list on the NYSE, under a coveted one-letter stock symbol, “P.”
NYSE and Nasdaq fiercely fight over prominent stock listings, and take joy in poaching listing companies from the other. Listings also have become a battering ram in the heated war over a NYSE acquisition. An annoyed-sounding NYSE CEO Duncan Niederauer last month lashed out angrily at Nasdaq for suggesting the Big Board was losing ground in stock listings.
“You’ll also read some stories that says, the NYSE isn’t competitive anymore going after IPOs, or NYSE Euronext: we’re not well positioned,” Niederauer said last month in a message to his troops. “More than 80% of IPO issuance in the US in the last couple years has happened at the NYSE. You can do the math and figure out where the other less than 20% has gone.”
For its NYSE listing, LinkedIn has chosen the stock symbol “LNKD.” Steve Rubis on Twitter reminded Deal Journal that a perhaps more logical ticker — LINK — already is taken by a small company called Interlink Electronics.
Also in the updated IPO documents, LinkedIn disclosed that its first-quarter revenue accelerated a bit from the growth pace of 2010. LinkedIn said it generated $93.9 million in net revenue for the three months ended March 31, a 110% jump from the same three-month period of 2010. For all of last year, the company pulled in $243 million in revenue, about 102% more than in 2009.
LinkedIn eked out $1.28 million in income from operations for the first quarter, down from $3.2 million in the same period of 2010.
LinnkedIn also disclosed it has more than 100 million members, up from more than 90 million when it last filed its IPO materials a month ago.