LinkedIn reveals plans for an IPO

Professional networking site LinkedIn has revealed plans to raise up to $175m (£110m) in an initial public offering (IPO).

LinkedIn's IPO may be the first in a wave of share sales for US social-networking companies, according to local media reports.

LinkedIn plans an IPO after more than tripling revenue between 2007 and 2009 to $120m, the company said in a filing with the US Securities and Exchange Commission.

Ahead of the filing, reports said LinkedIn had been quietly preparing an IPO for as early as the first three months of 2011.

Social deals site Groupon is also reported to be in talks with banks about a public offering this year, while Facebook is expected to pursue an IPO in 2012.

Analysts said LinkedIn could draw strong demand in the public markets because it has steadily boosted sales from advertising, subscriptions and hiring services.

LinkedIn is attracting investors like Sequoia Capital with more than 1,000 employees and 90 million users in more than 200 countries.

Earlier this week, LinkedIn announced that it had acquired CardMunch, a startup that supplies technology for scanning and transcribing business cards.

The technology is aimed at helping users to manage business contacts by scanning business cards and storing the information digitally.

Analysts said LinkedIn is likely to use CardMunch to bring business card information into LinkedIn itself, which could help LinkedIn turn into the "professional dashboard" that chief executive Jeff Weiner has suggested.