Pinterest’s initial public offering (IPO) has set the company’s valuation at $12.7bn (£9.7bn).
Pinterest, a digital scrapbooking site where users save ideas for things such as clothes, decor and recipes, is due to start trading on the New York Stock Exchange later on Thursday.
It set the price for its 75 million shares at $19 (£14.56) on Wednesday evening, above its $15 to $17 target range and putting it on track to raise more than $1.4bn (£1.07bn).
Pinterest says it has 250 million users and reported revenue of $756m (£579m) last year.
Its performance will be a test of the tech IPO market, following last month’s disappointing debut from ride-hailing firm Lyft.
Lyft had an impressive build-up – raising more than expected when it went public – but shares have since dropped by about 30%.
Pinterest is the biggest listing of a US social media company since Snapchat’s parent company made its debut in 2017. Snap’s stock price has also fallen since its IPO.
Source: SKY NEWS