Pinterest Inc. priced its initial public offering higher than expected Wednesday, raising more than $1.4 billion and valuing the company at more than $10...
Pinterest Inc. priced its initial public offering higher than expected Wednesday, raising more than $1.4 billion and valuing the company at more than $10 billion.
Pinterest PINS, +0.00% announced Wednesday evening that it would sell 75 million shares at $19 apiece, after previously stating a targeted range of $15 to $17. Underwriters — led by Goldman Sachs, JP Morgan and Allen & Co. — have access to an additional 11.25 million shares that could push the totals higher. The company expects to begin trading Thursday morning on the New York Stock Exchange under the ticker “PINS.
Pinterest admits that it’s “still in the early stages” of its efforts to make money off its image-sharing platform, having only launched advertisements five years ago. The company sees opportunity with international advertisers, a mostly untapped area for Pinterest thus far. Revenue climbed to $755.9 million in 2018, up from $473 million a year prior.The company’s user base is still growing, with international markets leading the way.
The online scrapbooking company is not yet profitable, but it’s a lot closer than fellow unicorns like Lyft Inc. LYFT, +5.80% and Uber Technologies Inc. UBER, +0.00% , both of which are bleeding cash. Pinterest managed to turn a profit during the past two holiday quarters, but it’s yet to break out of the red on an annual basis. The company lost $63 million last year, compared with $130 million a year prior.D.A.
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