Pinterest will begin trading Thursday on the New York Stock Exchange as PINS.
By Hamza Shaban and Hamza Shaban Technology reporter Email Bio Follow Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow April 18 at 7:24 AM Pinterest is slated to begin trading on the New York Stock Exchange Thursday, after pricing its highly anticipated public offering at $19 a share.
With an IPO price $2 above its expected range, Pinterest is valued at more than $12 billion, slightly above its last private round of funding. Last week, when Pinterest released a lower-than-expected IPO price, analysts drew attention to the conservative pricing, which might have been set to avoid Lyft’s disappointing debut. After launching at $72 per share in late March, the ride-hailing company’s stock plummeted 12 percent on day 2 of trading. Lyft has been flailing since, and it closed Wednesday at $59.51.Tech investors will be watching the debut closely.
More than 250 million users a month use Pinterest, which took in more than $755 million in revenue last year. The company is not profitable, but it has narrowed its losses by 51 percent and boosted sales 60 percent from 2017 to 2018.After Pinterest, several more tech unicorns are expected to go public, including Uber, Airbnb, WeWork and Palantir. In addition to uncertainty about continuing losses and unjustified valuations, investors will have to contend with broader industry trends.
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