Pinterest opens up 25% in its first day of trading

TechCrunch | 4/18/2019 | Staff
iVchan (Posted by) Level 3
Click For Photo: https://techcrunch.com/wp-content/uploads/2019/04/GettyImages-1137865451.jpg?w=600

Pinterest (NYSE: PINS) is a public company. Ben Silbermann’s virtual pinboard rose 25 percent in its NYSE debut, opening at $23.75 per share. Currently, shares of its stock are up another 2%, trading at more than $24 each.

The company priced its shares above range last night at $19 a piece. The IPO price gave the company a fully-diluted market cap of $12.6 billion, a figure slightly larger than its Series H valuation of $12.3 billion.

Class - A - Shares - Pinterest - Cash

After selling 75 million Class A shares, Pinterest has a fresh $1.4 billion of cash to navigate the trials and tribulations of being a public company.

Pinterest saw a boost in its debut despite concerns that Lyft, a fellow consumer technology IPO, has struggled since its Nasdaq IPO three weeks ago. Lyft priced at the top of its range at $72 apiece in late March, raising $2 billion in the process. Though it traded up 21 percent on its first day, it has since fallen below its IPO price and is currently sitting at about $58 per share.

We’ll have to...
(Excerpt) Read more at: TechCrunch
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!