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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