ADOTAS – Facebook isn’t going public for a long time (if ever), so if you investors feel like dropping money in successful social network, LinkedIn just filed for an IPO with the Securities and Exchange Commission.
A day after the social network for professionals took its targeted text ads out of beta, LinkedIn has filed for an IPO to raise $175 million. The pricing terms and timing of the offering have not been determined, but the lead underwriters for the IPO are Morgan Stanley, Bank of America/Merrill Lynch and J.P. Morgan.
Founded in 2003, the network boasts more than 90 million members in 200 countries. Last year was the company’s first profitable year with net income for the first nine months of 2010 coming in at $10 million, compared to a loss of $3.9 million in 2009.
LinkedIn reported $201 million in revenue for the 12 months up to Sept. 30, 2010. The majority of the network’s revenue comes from “hiring solutions” (41%), with 32% from marketing and 27% from premium subscriptions.