Published: Sun, April 21, 2019
Markets | By Erika Turner

Pinterest prices public offering at $19 per share

Pinterest prices public offering at $19 per share

Given the solid demand for Zoom recently, the company raised its IPO range to $33-$35 per share from the originally $28-$32 range, and finally priced its offering at $36 a piece. Just two years ago, Zoom was valued at only $1 billion in a private funding round. "It is out of our control". That is a clear difference that helps explain respective valuations at the end of the day. Pinterest is offering 75 million Class A shares. Videoconferencing company Zoom Video Communications Inc raised $751mn in its IPO Wednesday and will begin trading Thursday along with Pinterest. Ride-hailing firm Lyft and cloud-computing company PagerDuty recently went public.

One IPO, two stocks zooming higher. At the price Zoom closed at Thursday, Yuan is now worth more than $3 billion.

Zoom's market value at the opening was estimated at some $16.6 billion and Pinterest's at $12.5 billion. As a result, investors and market watchers kept a close eye on Zoom's IPO walkup and market debut.

A strong share surge would be good news for Uber too, which is due to go public in the next few weeks along with other possible tech IPOS from Slack and Palantir. While the crowded video collaboration market presented many challenges, and the incumbents - Cisco Webex, GoToMeeting, and others - are innovating, Zoom captured lightning in a bottle with its intuitive service. Nevertheless, he also notes that the "market opportunity is huge, over $40 billion". "As long as we stay humble, continue working as hard as we can to keep delivering happiness to our customers, I think it will be OK in the long run".

Goldman Sachs & Co LLC, JPMorgan and Allen & Company are the lead underwriters on the Pinterest IPO. And a stock with symbol ZOOM also benefited in a case of mistaken identity.

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Pinterest Inc's message to investors was don't compare us to social media or a search engine.

Pinterest's IPO pricing at $19 was above a price range of $15 to $17 a share it set in an amended S-1 filing earlier this month.

Pinterest had a net loss of $63 million on revenue of $756 million in 2018. It earns money through advertisements, which are placed among the "pins" or posts that users upload on the site. In 2018, the company's revenue jumped by nearly 60 percent to $755.9 million.

"There are going to be some comparisons", he said in an interview.

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