Pinterest Climbs in Debut After Second-Biggest U.S. IPO of 2019

Apr 18 2019, 3:42 PMApr 18 2019, 5:56 PMApril 18 2019, 3:42 PMApril 18 2019, 5:56 PM

(Bloomberg) -- Pinterest Inc. rose as much as 30 percent in its trading debut after raising $1.4 billion in the second-biggest U.S. initial public offering of the year.

Shares of the digital-scrapbooking company opened at $23.75. They were up more than 29 percent to $24.61 at 11:42 a.m. in New York trading Thursday, giving the company a market value of about $13 billion, according to data compiled by Bloomberg.

Pinterest sold 75 million shares Wednesday for $19 each, after marketing them for $15 to $17. At the offer price, the IPO valued the San Francisco-based company at about $12.7 billion, including restricted stock and options, said a person familiar with the matter who asked not to be identified because those details weren’t public. Pinterest’s last valuation, from a private funding round in 2017, was $12.3 billion.

The offering was led by Goldman Sachs Group Inc., JPMorgan Chase & Co. and Allen & Co. Pinterest trades on the New York Stock Exchange under the symbol PINS.