With the dot-bomb-bubble at the top of many investors’ minds, others appear to be ignoring a plethora of old axioms. LinkedIn (a website I’ve been using for years) is now publicly traded, and as the top social media site for professionals, things are acting a little unprofessional.
“LinkedIn is just the latest internet startup to go public this year amid an increasingly frothy IPO market — and its impressive first-day performance is sure to hearten Wall Street bankers and Silicon Valley venture capitalists salivating to get a piece of the internet IPO action.
“New tech bubble or not — your mileage may vary — it’s very clear that there is massive demand in the public markets to own a piece of these high flying internet names. Web auto rental company ZipCar raised $174 million and watched its stock price close up 60 percent in its first day of trading. Demand Media, which went public in January, enjoyed a 33 percent first-day pop. And Chinese internet social networking giant Renren — referred to as “the Facebook of China” — went public, soaring 40 percent higher in its first day of trading.” (Read Full Article at Wired here)