LinkedIn on Wednesday announced plans for an initial public offering (IPO) worth $45 per share.

The business social-networking site is offering 7,840,000 shares of common stock. LinkedIn will offer 4,827,804 shares, while selling stockholders will offer 3,012,196 shares. There is also the option for underwriters to buy another 1,176,000 shares in the next 30 days.

Morgan Stanley, BoA Merrill Lynch, and J.P. Morgan Securities are the bookrunning managers for the deal, while Allen & Company and UBS Securities are the co-managers. LinkedIn will trade on the New York Stock Exchange under the symbol "LNKD."

LinkedIn first discussed its IPO plans back in January when it filed an S1 statement, the first step in preparing for an IPO. That filing revealed some key metrics of the company: for the nine months ending Sept. 30, 2010 (the most recent data) LinkedIn was profitable, with a net income of $10.0 million on revenue of $161.4 million.

Before that, however, the company lost money, with an annual net loss of $3.97 million on revenue of $120.1 million for 2009 and a net loss of $4.52 million on revenue of $78.7 million for all of 2008.

LinkedIn had $89.6 million of cash as of Sept. 30, 2010.

On January 21, Facebook took the first steps toward an IPO, stating that it would file public documents no later than April 2012. Earlier secondary stock offerings had valued the company at about $50 billion.

In recent months, LinkedIn has unveiled an Android app, released a new platform that will let third-party Web sites add LinkedIn content, and reached 100 million users.

For more, see PCMag's updated review of LinkedIn and the slideshow above, as well as 5 Tips for Polishing Your LinkedIn Account.

Mark Hachman contributed to this story.