Pinterest Shares Up 25% at IPO
CBJ — Shares of online scrapbook company Pinterest Inc rocketed upwards by about 25% in their public debut, giving it a market capitalization of $15.8 billion and signaling increased investor desire to get involved in new tech listings. The next big anticipated one will no doubt be Uber Technologies.
The offering of 75 million Pinterest shares was priced at $19, above the expected range of $15 and $17, and raised $1.4 billion in net proceeds.
The social-scrapbooking website allows users to search for various topics, from home improvement projects to travel tips, with results often showing infographics.
Pinterest is a free website that requires registration to use. Users can upload, save, sort, and manage images—known as pins—and other media content (e.g., videos) through collections known as pinboards. It also lets users to create social “boards”, which relate to certain topics or theme, and encourages users to follow each other and their boards.