Pinterest priced its shares at 19 US dollars for its initial public offering, valuing the image-sharing platform at 12.7 billion US dollars. The shares begin trading this Thursday on the New York Stock Exchange under the ticker symbol PINS. Goldman Sachs and J.P. Morgan Chase are leading the offering.
Founded in 2010 by former Google and Facebook employees Ben Silbermann, Evan Sharp and Paul Sciarra, Pinterest is currently used by over 250 million people worldwide. The company’s revenue rose 60 percent last year to 756 million US dollars, shrinking its net loss to 63 million US dollars.
Pinterest has been working hard in recent times to become much more than just an image search tool or a virtual scrapbook. The company announced new shopping features in March, looking to make it easier to connect brands with potential customers. Two months prior, Pinterest teamed up with data analytics firm Launchmetrics to allow users to gather data and statistics to enrich influencer campaigns.
Picture: screenshot Pinterest