UPDATE: LinkedIn came in at the top of its expected price range, raising $352.8 million.

The social network for professionals sold 7.84 million shares at $45 each, the top of its $42 to $45 price range, which had been increased earlier this week. It’s previous price range was $32 to $35 a share.

The Wall Street Journal said LinkedIn will begin trading tomorrow with a market value of $4.3 billion.

Bookrunners on the deal include Morgan Stanley, BofA Merrill Lynch, J.P. Morgan. Allen & Co. and UBS are also underwriters on the IPO. The underwriters have the option to buy an additional 1.176 million shares of Class A stock.

LinkedIn itself is selling 4.8 million shares of Class A stock while selling stockholders are offering about 3 million Class A shares. LinkedIn plans to trade tomorrow on the NYSE under the ticker “LNKD.”

The highly anticipated IPO was expected to price toward the high end of its sweetened priced range, according to my compadres at Thomson Reuters. Once it does trade, LinkedIn is expected to do well. But Reuters pointed out that Renren, the Chinese Facebook, has broken in the aftermarket. Renren’s IPO surged nearly 29% earlier this month after pricing at $14 a share. But the offering has fallen below the IPO price and is trading at $13.59.

Who is selling shares in LinkedIn? Reed Hoffman, the company’s co-founder, is offering 115,335 shares, which will cut his holding to 20.1%. At $45 a share, Hoffman’s stands to gain about $5.2 million from the sale. His remaining stake of about 19 million shares will be worth about $855 million. Hoffman will have 21.7% voting power.

LinkedIn has reportedly raised over $100 million in funding from investors including Sequoia Capital, Greylock Partners and Bessemer Venture Partners. Sequoia, Greylock and Bessemer own a combined 39% of LinkedIn before the IPO but are not selling shares.

Sequoia’s 17.8% stake, comprised of 16.8 million shares, will be worth about $756 million (at $45 each). Sequoia will have 19.3% voting power after the offering. Greylock Partners will see its 15.6% stake diluted to 14.9%, but its 14 million shares are expected to be valued at $630 million. They will have 16.1% voting power. Bessemer Venture Partners will have about 4.8% after the IPO. The VC firm’s roughly 4.6 million shares will be valued at $207 million. They will have 5.2% voting power.

Bain Capital Ventures is offloading shares. Bain owns about 4.4 million shares, or 4.8%. They are selling 653,880 shares in the IPO and stands to gain $29.4 million from the sale. Their stake will drop to 3.7 million, or 3.9% (valued at about $166.5 million). Bain is expected to have 4.2% voting power. Also, Goldman Sachs looks like it’s selling all of its shares, or 871,840, in the IPO. They stand to receive about $39.2 million from the sale.

(story has been updated to show share values at $45 each)

Related posts:

  1. LinkedIn’s Dual Stock Structure Doesn’t Seem To Hold Back Investor Interest
  2. LinkedIn’s Dual Class Public Offering Concentrates Control In Hoffman, VCs
  3. LinkedIn To Trade May 19, Freescale to Open One Week Later
  4. LinkedIn Sees IPO of Up to $274M
  5. Renren IPO Raises $743 Mln, Stock Surges by Nearly 29%–UPDATED

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