Bloomberg News

Morgan Stanley Holds 2.04 Million LinkedIn Shares After IPO

June 09, 2011

(Updates to add description of stock’s acquisition and ownership in third paragraph.)

June 9 (Bloomberg) -- Morgan Stanley, one of three banks that led LinkedIn Corp.’s initial public offering, holds 2.04 million shares of the professional-networking website.

The stake equals 22.7 percent of the stock sold in the IPO, the investment bank said today in a filing with the U.S. Securities and Exchange Commission. Mountain View, California- based LinkedIn’s owners sold less than 10 percent of the company in the offering.

The majority of shares disclosed in today’s filing were acquired on the open market after the transaction, according to a person with direct knowledge of the matter. They are being held on behalf of clients in the New York-based Morgan Stanley’s funds, the person said, declining to be identified because the information isn’t public.

LinkedIn’s stock, priced at $45 in last month’s offering, surged to $94.25 amid scarce supply on the first day of trading. It has since slid 24 percent in New York Stock Exchange composite trading to close at $72.01 today. Charlotte, North Carolina-based Bank of America Corp. and New York-based JPMorgan Chase & Co. also led the offering.

Pen Pendleton, a spokesman for Morgan Stanley, and Shannon Stubo, a spokeswoman for LinkedIn, said they couldn’t comment.

--With assistance from Jillian Ward in San Francisco. Editors: David Scheer, Peter Eichenbaum.

To contact the reporters on this story: Jillian Ward in San Francisco at jward56@bloomberg.net; Laura Marcinek in New York at lmarcinek3@bloomberg.net.

To contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net; David Scheer at dscheer@bloomberg.net.


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