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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Delta council approves plan to reopen city facilities

Next phase of plan includes outdoor pools, summer day camps, outdoor fitness programs

Suspect sought in alleged indecent act in South Surrey

Police say incident occurred near 13 Avenue and 131 Street

New Serpentine rail bridge completed in Cloverdale-Sullivan

$3 million crossing replacement marks first of 13 flood-mitigation projects

Compromise reached for South Surrey seniors’ balcony-exercise program

‘In these stressful times anyone that can spread a little joy should be praised not condemned’

COVID-19: Daily update on pandemic in Surrey, White Rock and beyond

JUNE 5: ‘Glimmer of hope’ for B.C. economy, compromise reached for seniors’ outdoor program

MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases

B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province

Pair accused of ‘horrific’ assault at Vancouver’s Oppenheimer Park at large

Police say Jason Tapp, 30, and Nicole Edwards, 33, did not show up to meet their bail supervisor this week

IHIT names homicide victim found in the Fraser Canyon this week

Police asking for tips into the suspicious death of 29-year-old Alicia Berg

Facing changes together: Your community, your journalists

Importance of accurate, ethical reporting more critical than ever

No charges to be laid against 22 northern B.C. pipeline protesters

Twenty-two people were arrested in February, but Crown has decided not to pursue charges

‘I’m pissed, I’m outraged’: Federal minister calls out police violence against Indigenous people

Indigenous Minister Marc Miller spoke on recent incidents, including fatal shooting of a B.C. woman

Plan in place for BC Ferries to start increasing service levels

Ferry corporation reaches temporary service level agreement with province

B.C. starts to see employment return under COVID-19 rules

Jobless rate for young people still over 20% in May

Most Read