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linkedin reid hoffmanBusiness social networking site LinkedIn has priced its initial public offering between $32 and $35 per share, meaning the company seeks to raise up to $175 million and would be valued at $3 billion, according to an updated filing with the Securities and Exchange Commission.

LinkedIn’s valuation is the first official record of the hyper-valuations many Web 2.0 companies like Twitter and Facebook have seen in recent years. The company plans to offer up to 4.83 million new shares of common stock, which would raise up to $175 million if they sell at the top end of the expected pricing. Current shareholders also plan on selling around 3 million shares of the business social networking company.

LinkedIn, founded by Reid Hoffman (pictured above), is a business network that’s designed to help professionals connect with other potential business contacts and get a “warm introduction” through people in their network.

The company has warned that a majority of its revenue comes from a small number of members who generate a majority of the page views for the site. Its major investors — Sequoia Capital, Bessemer Ventures and Greylock Partners — will not participate in the initial public offering, according to Reuters. Those investors own around 40 percent of the company, according to the company’s S-1 filing with the SEC.

LinkedIn will list its shares under the ticker “LNKD” on the New York Stock Exchange (NYSE) after spurning the tech-heavy NASDAQ stock market. It’s one of several high-profile tech initial public offerings that landed on the NYSE over the NASDAQ, ending the exchange’s decade-long dominance over the tech IPO market. The NYSE has dueled with the NASDAQ stock market to attract high-profile tech IPOs, but it’s traditionally been a losing battle as the NASDAQ stock market regularly plays host to the largest tech companies in the world like Google and Apple.

LinkedIn filed to go public in January this year to raise up to $175 million. The latest filing with the SEC also indicates that LinkedIn now has 100 million members, up from the 90 million it indicated in its last S-1 filing. It had 990 employees at the end of 2010, the last time it reported how many employees it had.

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