Pinterest prices IPO at $19 per share, giving it a $10 billion valuation — lower than its $12.3 billion private valuation

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Pinterest, the self-described “visual discovery” platform, priced its IPO at $19 a share on Wednesday, giving it a valuation of $10 billion.

The company is expected to start trading on the New York Stock Exchange on Thursday under the ticker symbol “PINS.” It’s joined by another multi-billion dollar unicorn — Zoom, the video conferencing platform, which is also expected to list on Nasdaq on Thursday under the ticker symbol “ZM.”

Pinterest’s IPO price is above the $15 to $17 range previously set by the company in a filing on April 8. At the high end of that range, Pinterest would have been valued at $9 billion.

A $10 billion undiluted valuation would see Pinterest go public with a market cap well below the private valuation of $12.3 billion it had achieved in its last funding round. However, in a best-case scenario, Pinterest would be valued at $12.6 billion on a fully-diluted basis, putting it a hair above that last valuation.

Read more: Pinterest’s IPO team wants to convince investors that it has more in common with Google than Snap

In the roadshow leading up to Wednesday night’s pricing, Pinterest and its IPO team took pains to differentiate itself from other