Home NEWS Pinterest raises US $ 1.49 billion at its IPO

Pinterest raises US $ 1.49 billion at its IPO

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Pinterest raises US $ 1.49 billion at its IPO

Confirming the initial forecasts on its initial public offering (IPO), Pinterest , which on Wednesday (17) set the price of the papers at US $ 19 (R $ 74) each, has already been able to raise the amount of US $ 1.43 billion (R $ 5.61 billion) from investors, raising its market value by US $ 10 billion (R $ 39.3 billion). The shares are expected to start trading on Thursday (18) on the Nasdaq, the New York Stock Exchange.

The individual stock price originally thought was in the range of $ 15 to $ 17, but investors seem to be showing more appetite for the social photo network despite the challenges Lyft faced since it became the first consumer technology IPO of last year.

Pinterest’s revenue jumped 60 percent last year to $ 756 million, and the company was significantly closer to profitability, with a net loss of only $ 63 million 247 million). Still, Pinterest’s IPO is below the $ 12 billion ($ 47.1 billion) assessment of a 2017 funding round.

Pinterest is among the first major IPOs of the year and is scheduled to begin operating at the same time as the company’s Zoom Videoconferencing. Lyft was the first major offering to hit the market in March, but shares fell 19% against the IPO price.

Founded in 2010 by Ben Silbermann, a former Google employee, and Evan Sharp, a former Facebook designer, Pinterest grew to 265 million monthly users. The company exploded in the mainstream in 2012, but the expansion has since cooled off due in part to a work culture that many employees describe as slow when it comes to making decisions.

Silbermann’s stake is worth about the US $ 1 billion (R $ 3.92 billion) at the offer price. Bessemer Ventures owns shares valued at $ 1.13 billion, while FirstMark shares are worth $ 844 million and Andreessen Horowitz is worth $ 827 million R $ 3.2 billion).

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