Pinterest to debut on NYSE with value of $10B
April 18 (UPI) — Social media company Pinterest has raised $1.4 billion for its initial public offering, with shares topping out at $19 and valuing the company at $10 billion.
The digital bulletin board will debut Thursday on the New York Stock Exchange in one of this year’s big tech IPOs. It follows the debut of ride-hailing company Lyft earlier this month.
Pinterest, which will trade under the ticker symbol PINS, originally set a price range of $15 to $17 per share but investors showed strong demand for the stock, which pushed the price up.
Atlantic Equities analyst James Cordwell said Pinterest is probably worth $16 billion, putting it on par with Snap Inc. Pinterests calls itself a “visual discovery” platform where people search for inspiration for food, clothing combinations, vacations, weddings or home decor.
“The ability to monetize that audience is much higher,” Cordwell said. “When you’re at Snap you’re in the business of communicating with friends or wasting time; when you’re going to Pinterest there’s high purchasing intent: you’re planning something, looking for a product. That’s exactly what advertisers are looking for.”
Founded in 2010, Pinterest has 265 million monthly users but experts say growth has slowed in recent years. Founder Ben Silbermann’s stake is worth $1 billion at the IPO price. Various venture firms have similar stakes.
Pinterest last saw a valuation in 2017, when a private funding round pegged it at $12.3 billion.
One of the year’s most highly-anticipated IPOs is that of ride-share giant Uber next month. Experts say it should be valued at more than $100 billion. Zoom Video debuted Wednesday and will begin trading Thursday. Other tech IPOs this year could include Slack Technologies Inc., Postmates Inc., Palantir Technologies and Airbnb.