The stock price of Pinterest (NYSE:PINS) and Zoom Video Communications (NASDAQ: ZM) surged during its initial public offering (IPO).
On Thursday, the shares of Pinterest surged more than 28 percent to $24.40 each, bringing its market capitalization to $12 billion.
The digital scrapbooking company priced its shares at $19 each, a day before its trading debut and raised $1.4 billion. It offered more 75 million shares of its Class A common stock during its IPO.
Pinterest is focused on improving its platform
Prior to its market debut, several analysts initiated coverage on Pinterest and provided positive comments regarding its growth prospects.
D.A. Davidson analyst Tom Forte noted that the digital scrapbooking company is offering an “impressive visual-based discovery platform” for consumers and a “large and growing global base of consumers with purchase intent” to advertisers. He called it “powerful combination” that could increase Pinterest’s profit and revenue over the long term.
