- Pinterest is set to begin trading Thursday on the New York Stock Exchange.
- The visual-bookmarking platform priced its initial public offering on Wednesday evening at $US19 a share, giving it a $US10 billion valuation.
- It was last valued at $US12.3 billion in the private market.
- Visit MarketsInsider.com for more information about Pinterest.
Pinterest is set to begin trading Thursday on the New York Stock Exchange as the latest unicorn to hit the public market this year.
The visual-bookmarking platform priced its initial public offering on Wednesday evening at $US19 a share, giving it a $US10 billion valuation. While its shares priced above the $US15 to $US17 range the company initially set, it’s valuation is below the $US12.3 billion where it was last valued in the private market.
Ygal Arounian, a research analyst at Wedbush, is set to assume coverage of Pinterest once trading begins. While he couldn’t yet comment on the company’s valuation, he said Pinterest has “come into its own the past few years.”
In an email to Markets Insider, Arounian added that despite Pinterest generating all of its revenue from advertising, “it plays an important role in the e-commerce ecosystem as image based search and commerce continues to grow in importance as a sales channel.”
The company’s debut comes three weeks after Lyft, another former tech unicorn, debuted on the Nasdaq. The ride-sharing app’s performance as a public company hasn’t exactly inspired confidence among investors, with shares down nearly 20% from their IPO pricing.
Pinterest will trade under the ticker PINS.
This story is developing. Check back for updates.
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