Get stuck in: Pinterest raises $1.4bn in IPO and shuns tag of social media
Pinterest has raised about $1.4bn (€1.24bn) in its initial public offering, pricing its shares above a targeted range as the year's tech unicorn stampede continues
The digital scrap-booking company sold 75m shares on Wednesday for $19 each, after marketing them for $15 to $17, a statement said. Based on the number of Class A and B shares outstanding after the offer, as detailed in a regulatory filing, Pinterest's IPO price would value it at about $10.1bn.
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Including restricted stock and options, the IPO values the San Francisco-based company at about $12.7bn, said a source. The company's message to investors was not to compare it to social media or a search engine as Pinterest's audience are more easily monetised, having higher purchasing intent.