Pinterest sets IPO price range at a discount
Pinterest is dialing down expectations ahead of its initial public offering.
On Monday, the social image company set its price range of $15 to $17 per share, putting its valuation at around $8.5 billion to $11 billion, which is below a recent valuation from private investors of $12.3 billion.
According to a regulatory filing on Monday, Pinterest said it plans to sell up to 75 million shares, which at the midpoint of its price range would raise roughly $1.2 billion.
Company executives are set to begin their roadshow for investors on Monday.
Its IPO is set to follow a bevy of other high-profile listings this year, including Lyft Inc. and Levi Strauss.
Several other unicorn startups, including Uber, Slack and Postmates, are also set to debut this year.
Pinterest plans to list under the symbol “PINS” on the New York Stock Exchange. According to its filing, the company posted $766 million in sales last year with revenue growing at more than 50 percent annually in recent years. However, it lost more than $63 million last year and has yet to report a profit.
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The San Francisco-based company, which launched in 2010, allows users to bookmark or “pin” images ranging from recipes to home designs on its platform. It currently has more than 250 million active users.