Morgan Stanley Clients Feast On LinkedIn (LNKD) IPO
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Investors at Morgan Stanley have taken a liking to the recent LinkedIn (Nasdaq: LNKD) IPO, but not as much of a liking as one would assume at first glance and as was reported by others.
In a 13G filing this afternoon, Morgan Stanley, the lead underwriter of the IPO, disclosed owning 2,044,717 Class A shares, or 22.7% of that class. The Class A shares were the 7,840,000 shares sold in the offering. However to get the full picture on LinkedIn’s shares outstanding you also need to look at the Class B shares, 86,658,627.
Taken together, the total shares outstanding on LinkedIn is 94,498,627.
So based on this, Morgan Stanley's 2,044,717 share position is just over 2% of the total shares outstanding.
Morgan Stanley's shares are owned, or may be deemed to be beneficially owned, by Morgan Stanley Investment Management.
While Morgan Stanley's stake is not the 22.7% reported, the filing does show that Morgan Stanley clients were hungry for the LinkedIn IPO and have so far not flipped the shares. Many of these clients likely got in at the IPO price of $45. So even though shares of LNKD are down 40% from their first day high, buyers of the IPO shares are still sitting pretty.
In a 13G filing this afternoon, Morgan Stanley, the lead underwriter of the IPO, disclosed owning 2,044,717 Class A shares, or 22.7% of that class. The Class A shares were the 7,840,000 shares sold in the offering. However to get the full picture on LinkedIn’s shares outstanding you also need to look at the Class B shares, 86,658,627.
Taken together, the total shares outstanding on LinkedIn is 94,498,627.
So based on this, Morgan Stanley's 2,044,717 share position is just over 2% of the total shares outstanding.
Morgan Stanley's shares are owned, or may be deemed to be beneficially owned, by Morgan Stanley Investment Management.
While Morgan Stanley's stake is not the 22.7% reported, the filing does show that Morgan Stanley clients were hungry for the LinkedIn IPO and have so far not flipped the shares. Many of these clients likely got in at the IPO price of $45. So even though shares of LNKD are down 40% from their first day high, buyers of the IPO shares are still sitting pretty.
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