Following a pricing of $19 per share on Wednesday, Pinterest raised $1.43 billion in its IPO, valuing the company at $10 billion.
Following a pricing of $19 per share on Wednesday, Pinterest raised $1.43 billion in its IPO, valuing the company at $10 billion.
The price range for Pinterest, which is anticipated to begin trading on Thursday on the New York Stock Exchange, was initially stated as being between $15 and $17. Despite the difficulties Lyft has encountered since becoming the first consumer tech IPO of the year last month, investors still seem to have a taste for the social media company.
CNBC Report
Wednesday morning, CNBC reported that the company would set its prices higher than anticipated. Pinterest’s revenue increased by 60% to $756 million last year, and with a net loss of $63 million, the business came a lot closer to becoming profitable. Pinterest’s IPO is still less than the $12 billion valuation it received in a financing round in 2017.
The year’s first important tech IPO, Pinterest, is due to begin trading around the same time as Zoom, a carrier of video conferencing services. The first significant IPO to hit the market was made by the ride-hailing company Lyft in March, but since then, the stock price has reduced by 19%
Pinterest beginning:
Pinterest, which now has 265 million monthly users, was launched in 2010 by Ben Silbermann, a former Google employee, and Evan Sharp, a former Facebook designer. The business experienced explosive growth in 2012, but since then, expansion has slowed down in part because of a workplace culture that many employees describe as being decision-slow.
Higher Stock Holder
At the offer price, Silbermann’s stake is valued at close to $1 billion. While FirstMark’s holdings are worth $844 million and Andreessen Horowitz‘s stake is worth $827 million, Bessemer Ventures owns shares worth $1.13 billion.
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