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Pinterest has announced a price range for its upcoming initial public offering of stock that would value the company more than $1 billion below its last venture capital round in 2017.

In an updated prospectus filed today with the U.S. Securities and Exchange Commission, the company said it plans to sells 75 million shares for between $15 and $17 per share.

That would potentially allow the company to raise between $1.125 billion and $1.275 billion. The company has raised about $1.5 billion in venture capital since it was founded in 2009.

The pricing  suggests a valuation somewhere between $10 billion and $11.3 billion, according to The New York Times. Back in 2017, Pinterest raised $150 million in venture capital at a $12.3 billion valuation.  Before that, it raised $367 million at a $11 billion valuation.

The social image sharing site will trade using the ticker symbol PINS on the New York Stock Exchange. Its listing follows the IPO for ride-hailing Lyft, which saw its stock soar on the first day of trading, then stumble, and then recover.

While 2019 is potentially shaping up as a big year for tech IPOs, Pinterest’s lower valuation seems to indicate that going public is not going to be a slam dunk either, as investors carefully weigh business prospects for such companies that continue to lose money after more than a decade.


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