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Media

LinkedIn Backers & Insiders Hit The Sell Button (LNKD, SAP)

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By Jon C. Ogg Updated Published
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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

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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