Pinterest, the website for “pinning” images and shopping, has plans to go public this week at a valuation of $11 billion, which is lower than the $12 billion valuation it received from its most recent funding round.
Pinterest is planning to set the range for its initial public offering at between $15 and $17 a share, giving it a valuation of $11.3 billion at the upper end of the range. Pricing for the IPO is expected this week and shares will trade on the New York Stock Exchange under the ticker PINS.
Similar to fellow “unicorn” Lyft, Pinterest lost money in 2018. The company reported a net loss of $63 million with revenue of $756 million in revenue in 2018.
Though frequently compared to social-media sites such as Facebook, Twitter, and Instagram, Pinterest has described itself in filing documents as a place for “search”, “dreaming” and “productivity.”
Pinterest was founded in 2009 by Ben Silbermann, Evan Sharp and Paul Sciarra. Since its inception, it has acquired more than fifteen other start-ups such as Livestar, Flesky, and JellyHQ. The acquisitions fall under a variety of categories, but the majority are tied to Pinterest’s core mission of sharing and discovering creative ideas.