Pinterest Shares Closed at $24.40 on Their First Trading Day

The IPO price of $19 apiece puts the company’s value at some $12.7 billion

The New York Stock Exchange and Pinterest are more connected than ever CocoSan/iStock

Pinterest shares closed trading Thursday at $24.40 apiece after the company’s initial public offering began trading on the New York Stock Exchange Thursday morning at an opening price of $19 per share.

The stock climbed slowly but steadily until around noon ET, remaining in the mid- to high-$24 range for the majority of the afternoon.

The company offered 75 million shares of class-A common stock, as well as an additional 11.25 million for potential purchase by underwriters.

The shares trade under the symbol PINS, and the IPO is expected to close April 23.

Pinterest said in its Form S-1 filing with the Securities and Exchange Commission last month that it has over 250 million monthly users.

The nine-year-old company, based in San Francisco, also reported more than $755 million in revenue in 2018, up roughly 60% compared with 2017, and a net loss of $63 million versus a 2017 net loss of $130 million.

Pinterest originally planned to kick off the IPO at a price between $15 and $17 per share, which would have valued the company at about $12 billion, according to published reports, and the higher price drove its value up to some $12.7 billion.

Goldman Sachs, JPMorgan Chase and Allen & Co. are serving as lead joint book-running managers for Pinterest’s IPO.

Credit Suisse, Deutsche Bank and RBC Capital Markets are also acting as book-running managers, joined by co-managers Robert W. Baird & Co., UBS and Wells Fargo. David Cohen is editor of Adweek's Social Pro Daily.
Publish date: April 18, 2019 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT