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

Good things cooking at Barn Burner BBQ event this Sunday in Yarrow

Fifth annual event in Chilliwack raises funds for the Full Cupboard

Bail denied for alleged Chilliwack firearm thief convicted of similar crime in Alberta

Andrew Scott Charpentier charged with numerous offences after guns seized from Reece Avenue address

Figures reveal spike in highway traffic jams between Abbotsford and Langley

Nearly one in 20 westbound vehicles between Abbotsford and Langley clocked at under 60 km/h

Taser takedown in Chilliwack complex after incident gets violent

Male suspect became agitated under questioning and repeatedly punched an officer

Agassiz man pleads guilty in snake venom death of toddler

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

VIDEO: Find Me My Furever Home – Moni at the Chilliwack SPCA

This week’s animal is Moni, an obedient 10-year-old Australian shepherd cross at the Chilliwack SPCA

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Japanese Canadians call on B.C. to go beyond mere apology for historic racism

The federal government apologized in 1988 for its racism against ‘enemy aliens’

B.C. VIEWS: NDP pushes ahead with Crown forest redistribution

This isn’t the time for a radical Indigenous rights agenda

Two dead in two-vehicle crash between Revelstoke and Golden

RCMP are investigating the cause of the crash

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Most Read