LinkedIn filed to sell off $1 billion worth of shares today. The company, which seems be doing well both in the stock market and in its quarterly earnings, wants a little more cash for a host of corporate initiatives.

The “business social network” explained in the filing that it wants to use the extra capital to work on product development, international expansion, build its “field sales organizations,” infrastructure needs, and acquisitions.

The company is offering its underwriters $1 billion of its Class A common stock. Each individual stock is only worth one vote, although the company has a second class of stock, Class B, that comes with 10 votes per share. This is the kind of stock founder Reid Hoffman owns.

The underwriters are J.P. Morgan, Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, and Allen & Company LLC. If they find their clients are gobbling up the LinkedIn shares, they have the option to purchase another $150 million worth.

LinkedIn and its leadership will retain a majority hold of the company.

At the time of this report, the company’s shares were down a little more than 2 percent in after-hours trading from $246.13 a share to $240.90 a share.

LinkedIn did well in its second quarter 2013 earnings, reporting revenue of $353.85 million and a membership increase to 238 million users. This represents a sizable year over year growth of 37 percent.

hat tip Wall Street Journal