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

Looking for crafters for the Gnarly Little Spring Craft Fair in Courtenay

Calling all youth crafters and entrepreneurs! The Gnarly Little Spring Craft Fair… Continue reading

Courtenay supports church renos, lunch program

Council approves $25,000 request from St. George’s United

The Hub Organ Trio coming to Courtenay

The Georgia Straight Jazz Society features an amazing trio at the Avalanche… Continue reading

YANA a blessing for Michaela, Harley, and Baby Violet

Comox Valley association a pillar of the community

Deadline looming for North Island College scholarship applications

Students have until April 24 to apply for a record number of… Continue reading

‘No answers:’ Canadians react to Sri Lanka bombings that killed hundreds

The co-ordinated bomb attacks killed at least 207 people and injured 450 more on Easter Sunday

RCMP confirm witnesses say body found at Kelowna’s Gyro Beach

Police tape is blocking part of the beach and several RCMP officers are on scene.

B.C. fire department rescues kittens

Enderby homeowner not aware kittens in wood pile near garbage pile fire that got out of hand

QUIZ: How much do you know about Easter?

Take this short quiz and put your knowledge to the test

B.C. VIEWS: NDP’s lawyer show is turning into a horror movie

Court actions pile up over pipelines, car insurance, care aides

Global Affairs warns Canadians in Sri Lanka there could be more attacks

A series of bomb blasts killed at least 207 people and injured hundreds more

Waste not: Kootenay brewery leftovers feed the local food chain

Spent grains from the Trail Beer Refinery are donated to local farmers and growers, none go to waste

Kickers beat Meralomas in quarter-final

The Comox Valley Kickers women’s rugby team defeated the Vancouver Meralomas 56-5… Continue reading

Most Read