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

Bowen Byram goes fourth overall in the 2019 NHL Entry Draft

The Cranbrook native was picked by the Colorado Avalanche in the NHL draft

Residents asked to leave ‘fawn in area’ signs alone

Signs are there for the protection of deer and people

The future of Cranbrook tourism

Chamber of Commerce luncheon: Utilizing our ‘mountains of opportunity’ to become tourism hotspot

It happened this week in Cranbrook

June 16 - 22: Compiled by Dave Humphrey from the newspapers at the Cranbrook History Centre and Archives

The Weed Warrior: Common Periwinkle-bad, Kinnickinnick-good!

Pictured above: Kinnickinnick. Below, top to bottom: Small-flowered alumroot, False Lily of… Continue reading

Protesters rally in Victoria over newly approved Trans Mountain pipeline

The Still No Consent! No Trans Mountain! 20 kilometre march will end at Island View Beach

Wildfire burning in coastal forest

A fire beside the Sea to Sky Highway is burning up a steep slope

Rock climber dies after fall at Stawamus Chief in Squamish

The man had fallen about 30 metres while climbing in the Grand Wall area

Being a pot dealer is not what it used to be

Sunday Big Read: the business of selling marijuana in B.C. is a slow bureaucratic slog

Is the Bible right?

Yme Woensdregt Is the Bible right? Yes, I know how provocative that… Continue reading

Hugs & Slugs

Hugs: To the Cranbrook Fire Dept for hosting their Annual Fishing Clinic… Continue reading

Letters to the Editor

Teck Responds; The Cranbrook Curling Club; The Dead Deer

PHOTOS: Event marks one year since soccer team rescued from Thai cave

Nine players and coach took part in marathon and bike event to help improve conditions at cave

Five B.C. students taken to hospital after playing with vaping device

School district said students were taken to hospital ‘out of an abundance of caution’

Most Read