September 5, 2013 / 12:13 AM / 5 years ago

LinkedIn prices follow-on offering to raise $1.2 billion for expansion

The logo for LinkedIn Corporation, a social networking networking website for people in professional occupations, is shown in Mountain View, California February 6, 2013. REUTERS/Robert Galbraith

(Reuters) - LinkedIn Corp LNKD.N on Wednesday said it was pricing its follow-on offering of 5.4 million class A shares at $233.00 per share.

The company intends to raise $1.2 billion through the offering.

The social networking website for professionals on Tuesday said it planned to use the proceeds for product development and international expansion.

Shares of the company were down 2.6 percent at $232.60 in after-hours trading on the New York Stock Exchange on Wednesday.

Reporting by Rohit T. K. in Bangalore; Editing by Stephen Coates

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