Pinterest priced its initial public offering (IPO) price to $19 per share, higher than its expected price range between $15 and $17 per share.
The social media company raised more than $1.4 billion and reached a market valuation of over $10 billion on Wednesday.
In a statement Wednesday, Pinterest said it is offering 75 million of its shares of its Class A common stock. In addition, the social media company is offering an additional 11, 250,000 shares, which the underwriters have the option to buy.
Pinterest is set to start trading its shares on the New York Stock Exchange (NYSE) under the ticker “PINS” on Thursday, April 18. its IPO is expected to close on April 23, subject to customary closing conditions.
Analyst believes Pinterest has a powerful growth driver
On Monday, D.A. Davidson analyst Tom Forte initiated coverage of Pinterest shares. He recommended a “Neutral” rating and $16.50 price target.
In a note to clients, Forte wrote that Pinterest offers “consumers an impressive visual-based discovery platform for merchandise and advertisers a large and growing global base of consumers with purchase intent.”
