4/18, 6:24 AM (Source: TeleTrader)
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Pinterest IPO prices at $19 per share

Social media company Pinterest Inc. priced its initial public offering at $19 per share ahead of its official start of trading later today, it announced in a press release on Thursday.

The company stated that it would be offering 75 million Class A common shares with an option for 11.25 million more. The shares are expected to start trading on the New York Stock Exchange later today under the symbol PINS and the offering should close on April 23, 2019 subject to customary closing conditions. Media reported that Pinterest raised around $1.4 billion from the IPO, which was above expectations.

The company's $19 per share was above the top end of the $15-17 that it previously announced it would aim for and gave it a valuation of $12.7 billion, which was likewise higher than initially planned. Pinterest's announcement comes on the same day that Zoom Video Communications company, which is also set to start trading on Nasdaq on Thursday under the ticker ZM, priced its public offering at $36 a share.

Breaking the News / DZ