Pinterest Prices IPO At $19 To Begin Trading Thursday
Faizan Hashmi Published April 18, 2019 | 11:47 AM
Pinterest on Wednesday announced it would price its initial public offering at $19 a share to begin trading on Wall Street the following day
San Francisco, (UrduPoint / Pakistan Point News - 18th Apr, 2019 ):Pinterest on Wednesday announced it would price its initial public offering at $19 a share to begin trading on Wall Street the following day.
The online bulletin board popular among women is offering 75 million shares on the New York Stock Exchange with 11.25 million extra if required, raising between $1.4 and $1.6 billion, and will trade under the symbol "PINS." At $19, the introductory price is above the range $15-$17 that was predicted and which valued the company at $11 billion.
It comes in the wake of a lackluster market debut for ride-sharing platform Lyft, which began trading in March at $72 and closed at $59.51 on Wednesday.
Pinterest, which claims 250 million users, unveiled its plans to enter the stock market last month, one of the many tech startups to go the IPO route this year, after Lyft and before the expected entries of Uber, Airbnb, and Slack.
Pinterest said it had a turnover of $755.9 million in 2018, just under twice the 2017 fiscal year, and a net loss of almost $68 million, down to about half the figure for the year before.
Launched in 2010, Pinterest is a virtual bulletin board platform, with users decorating their boards with pictures showcasing interests including food, fashion, travel and lifestyle.
It allows users to share such images, although it does not call itself a social network. It also enables users to link to online shopping and other services to find items they have "pinned."
Related Topics
Recent Stories
Pakistan marks World Press Freedom Day
High-level Saudi business delegation due on May 5
Stocks heat up as US labour market cools
President approves Tax Laws (Amendment) Bill 2024
Implementation of merit, justice to oppressed segments top priorities: CPO
Overseas Kashmir community delegation calls on AJK President, discusses latest s ..
Govt believes in freedom of press: Amir Muqam
Labour urges UK election after Tory losses
Health authorities asked for action against alleged illegal tenders at Services ..
Spain scraps national bullfighting prize sparking debate
Lahore High Court (LHC) Chief Justice Malik Shahzad Ahmad Khan visits Rawalpindi ..
ATC extends interim bail of PTI founder in 3 cases
More Stories From Business
-
CCP approves scheme of arrangement for restructuring of PIACL
46 minutes ago -
High-level Saudi business delegation due on May 5
2 hours ago -
Stocks heat up as US labour market cools
2 hours ago -
Planning minister stresses need for establishing digital corridor
3 hours ago -
Burj Solar install Pakistan´s first distributed generation Wind Power project
3 hours ago -
TEVTA’s BoD decides capacity building, adoption of frugality
4 hours ago
-
US hiring slows more than expected in sign of cooler market
4 hours ago -
Stocks heat up as US labour market cools
5 hours ago -
Stocks heat up as US labour market cools
5 hours ago -
US hiring slows more than expected in sign of cooler market
5 hours ago -
PSX turns bullish, gains 1,244 points
6 hours ago -
Finance Minister for measures to enhance tax to GDP ratio
7 hours ago