By Rex Crum
SAN FRANCISCO (MarketWatch) -- LinkedIn Corp. has given an idea of just who will benefit from its upcoming secondary stock offering, as the online professional networking company updated its plans to sell 8 million shares six months after its high-profile IPO debut.
In a filing with the Securities and Exchange Commission, LinkedIn (LNKD, Trade) said company officials and early investors plan to sell 6.7 million shares. The company itself with sell about 1.3 million shares, which would net a little under $93 million based on the stock's last trading price.
The stock sales will nearly double the amount of LinkedIn shares outstanding to 17.4 million shares.
The company said its SEC filing that it will use the proceeds of its sales "for working capital and general corporate purposes, including further expansion of our product development and field sales organizations, and for capital expenditures." LinkedIn also said it may use a portion of the proceeds for acquisitions or investments in "complementary businesses, technologies or other assets."
However, LinkedIn's founder and Chairman, Reid Hoffman, didn't file to sell any of his almost 19 million shares, and will remain the company's largest shareholder with almost 22% of LinkedIn's stock.
Since going public with an IPO at $45 a share in May, LinkedIn's stock as closed as high as $109.97 on July 15.
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