Friday, 19 April, 2019

Pinterest seeks $15-$17 per share in IPO, below last private valuation

Pinterest seeks $15-$17 per share in IPO, below last private valuation Pinterest IPO: Pinterest lowballs IPO valuation, setting price below recent valuation
Priscilla Morrison | 09 April, 2019, 16:40

The company's initial regulatory filing would value the company at around $9bn, significantly less than previous valuations but a figure that could change if investors get behind the initial public offering (IPO).

In the amended filing, released Monday, the company explained that it will register about 86 million shares and offer about 75 million shares at a cost between $15 and $17 per share under the ticker PINS on the New York Stock Exchange.

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.

Already, initial public offerings from tech companies have dominated headlines this year.

Including stock options and restricted stock, the high end of Pinterest's IPO price range would value the company at $11.3 billion. It has raised over $1.5bn in investment since it was founded. While its shares bounced back from their lows last week, they remain far below the heights reached in the flurry of first-day trading, and they fell 3% Monday, again dipping under the initial offering price.

Several other unicorn startups, including Uber, Slack and Postmates, are also set to debut this year.

Pinterest counts more than 250 million monthly active users, and reported annual revenue of more than $755 million in 2018; that's a almost 60 percent jump from the year before.

More news: Anger Over Border Security Leads to Nielsen Resignation

Pinterest has long shunned the label of being a social network.

Pinterest makes advertising revenue when businesses promote pins in users' feeds.

Pinterest CEO Ben Silbermann and others spent the morning at JP Morgan explaining to the sales force how they want to pitch the deal to investors.

Pinterest claims more than 250 million active monthly users and more than 2 billion monthly searches, 175 billion pins saved, and 4 billion boards created - all leading to a revenue of about $750 million in 2018, up 60% from the prior year.

Pinterest is the developer behind a digital pinboard that allows users to post pictures for public and private viewing.

A Pinterest banner hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2017.

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