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Pinterest sets IPO price range

Investors now have a good idea of Pinterest’s opening stock price.

The visually oriented social media platform, which publicly filed for an IPO last month, is setting its opening price range at $15-$17 per share for 75 million Class A shares. This will result in Pinterest raising $1.125 and $1.275 billion from its IPO. Pinterest announced its range in an amended S1 prospectus released April 8.

Total valuation for Pinterest, which will list on the New York Stock Exchange under the ticker symbol “PINS,” will range between $10.64 billion and $11.3 billion, including Class B shares and Class B options. Previous reports had indicated Pinterest sought an IPO valuation of at least $12 billion. However, Pinterest may be scaling back its valuation after seeing the share price of rideshare service Lyft drop after its recent IPO. Pinterest confidentially filed for an IPO in February 2019.

Pinterest earned $755.9 million in revenue the year ending Dec. 31, 2018, with a net loss for the year of about $63 million. The company has more than 250 million monthly active users, 2 billion monthly searches, and more than 175 billion “pins,” or images saved by users.

As Pinterest approaches its IPO, it has increasingly trying to position itself as an e-commerce company as well as a social platform. In March, Pinterest tapped Walmart CTO Jeremy King, who is credited for the discount giant’s omnichannel transformation, as head of engineering. Other recent moves toward e-commerce include shoppable product pins and a computer vision update to its Shop the Look feature that connects users to checkout links for pinned items.
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