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