LinkedIn: shares soar but are they bubblicious?

Shares of LinkedIn shot up in value as they went on sale in New York on Thursday.

The social networking website for business professionals and job hunters raised the equivalent of 246 million euros with its initial public offering of eight percent of the company’s shares.

That would give the entire firm a market value of almost three billion euros.

They were sold to investors, who are betting on the booming growth of social media companies, for the equivalent of just over 31 euros each. Within minutes of starting trading they had doubled in value.

Some analysts compared that to the frenzy for internet stocks before the dot.com bubble burst.

LinkedIn has said it does not expect to be profitable in 2011.

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