Pinterest raises share price expectation to $19 as it readies to go public
- 9 months ago
As it readies to finally go public later today, Pinterest has managed to raise $1.43 billion in its IPO after pricing the offering at $19 a share hence giving the company a value of $10 billion.
Share price was originally ranged at $15 to $17 however investor interest has pushed the figure higher.
Pinterest is among the first big tech IPOs of the year and is scheduled to start trading around the same time as videoconferencing company Zoom.
Ride-hailing company Lyft was the first big offering to hit the market in March, but the stock has dropped 19% from its IPO price.
Founded in 2010 by Ben Silbermann, a former Google employee, and Evan Sharp, who was previously a designer at Facebook, Pinterest has grown to 265 million monthly users.
The company burst into the mainstream in 2012 with rapid growth, but expansion has since cooled due in part to a work culture that many employees describe as slow when it comes to making decisions.
Silbermann’s stake is worth close to $1 billion at the offer price.
Bessemer Ventures owns shares valued at $1.13 billion, while FirstMark’s holdings are worth $844 million and Andreessen Horowitz’s stake is worth $827 million.
Goldman Sachs and J.P. Morgan Chase are leading the offering.
Source: Smart Trend Team