FILE - In this Oct. 11, 2018, file photo, Evan Sharp, Pinterest co-founder and chief product officer, poses for a photo beside a wall of pegs symbolizing the company logo at Pinterest headquarters in San Francisco. Pinterest plans to raise up to approximately $1.47 billion in its initial public offering. The Digital scrapbooking site said in a Monday, April 8, 2019, regulatory filing that the offering includes about 86.3 million shares, priced between $15 and $17 per share. Pinterest is offering 75 million Class A shares. (AP Photo/Ben Margot, File)

Pinterest sets sights on $1.5B in first public share offering

The company will put about 75 million shares up for sale at a price between $15 and $17 each

Pinterest, among a gaggle of tech companies planning to go public this year, hopes to raise as much as $1.5 billion in its initial offering of shares.

The digital scrapbooking site said in a regulatory filing Monday that it will put about 75 million shares up for sale at a price between $15 and $17 each.

That, at the higher end, could put the value of the company at around $9 billion, below the estimated $12 billion value from earlier sales of shares to investors, according to reports two years ago.

Already, IPOs from tech companies have dominated headlines this year.

The arrival of Lyft late last month did little to diffuse questions about how best to value tech companies with tons of potential, but not much in the way of profits, at least not yet.

While Lyft has bounced back from a sell-off that dropped its shares well below its initial offering price, they remain below the heights reached in the flurry of first-day trading.

Uber, Lyft’s rival, the messaging app Slack and the video conferencing company Zoom are expected to make their debut soon.

Pinterest claims more than 250 million active monthly users and more than 2 billion monthly searches.

The platform allows people to search for and “pin” images that interest them, whether it’s fashion, sports, pets or travel.

Pinterest has long shunned the label of being a social network. It doesn’t push users to add friends or build connections. That means it’s avoided the privacy tangles that have ensnared companies like Facebook. Pinterest makes advertising revenue when businesses promote pins in users’ feeds.

The San Francisco company had revenue of $756 million last year, a 60 per cent bump from 2017. It had a loss of $63 million in 2018, compared with a loss of $130 million in 2017.

Pinterest was founded in 2010 by Ben Silbermann and Evan Sharp, who are the company’s CEO and chief product officer, respectively.

The company has been working on developing its artificial intelligence search, which allows people to take a photo or upload a screenshot of an item and find similar products on Pinterest.

Pinterest’s stock will list on the New York Stock Exchange under the “PINS” ticker symbol.

READ MORE: What to know before joining this year’s IPO wave

The Associated Press


Like us on Facebook and follow us on Twitter.

Just Posted

Concrete beams for McKenzie interchange set for installation this weekend

No lane closures expected during weekend work, says ministry

Impaired driver caught travelling double the speed in playground zone: Saanich police

Vehicle impounded and driver issued ticket, 90-day suspension

West Shore RCMP release sketch of Galloping Goose sexual assault suspect

Anyone who knows the man is asked to call West Shore RCMP

MISSING: Victoria police looking for ‘high-risk’ missing woman Clarissa Adamick

Adamick was last seen on July 12 and may be in the downtown Victoria area

Gate at Mount Douglas Park smashed on Wednesday night

It is suspected that a motorist drove through after being locked in after 11 p.m.

VIDEO: 1,400 classic cars roll into Victoria for Deuce Days

The four-day festival highlights classic hot rods, with a special emphasis on cars built in 1932

POLL: Do you carry reusable shopping bags?

While a court ruling determined the City of Victoria’s plastic bag ban… Continue reading

Greater Victoria wanted list for the week of July 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Injured fawn at B.C. vet will be euthanized Friday night unless claimed by sanctuary

Gilbert the deer is currently being treated at West Kelowna’s Rose Valley Veterinary Hospital

BC Wildfire Service warns wet weather no reason to be complacent

Fire risk currently low for much of B.C. compared to same time over last two years.

Bank of Canada lowers qualifying rate used in mortgage stress tests

Home sales softened last year after the federal government introduced new stress test rules for uninsured mortgages

Port Hardy RCMP cleared in arrest that left man with broken ribs, punctured lung: IIO

The IIO noted the matter will not be referred to crown counsel for consideration of charges.

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

B.C. man pleads guilty in snake venom death of toddler

Plea comes more than five years after the incident in North Vancouver

Most Read