Friday, 17 January, 2020


Pinterest's shares surge 25 percent in debut

Pinterest readies $1.4-billion IPO with anti social media marketing campaign Pinterest's shares surge 25 percent in debut
Conrad Doyle | 20 April, 2019, 18:22

Pinterest Inc's initial public offering set the online scrapbook company's valuation at 12.7 billion USA dollars on Wednesday, above its expectations and a sign of strength for the tech IPO market after Lyft Inc's struggles.

Much like their tech peers, Pinterest and Zoom will offer dual-class shares, but the two Silicon Valley darlings have one fundamental difference as they get ready to IPO. Shares leapt from its offering price of $19 a share to as high as $25 in early trading. Videoconferencing company Zoom Video Communications Inc raised $751mn in its IPO Wednesday and will begin trading Thursday along with Pinterest.

Pinterest shares finished up 28 percent, at $24.40. In its IPO filing, Zoom reported $330 million in revenue and $7.5 million in profit for its past fiscal year - a rarity among cloud start-ups. Zoom's shares finally closed at an impressive 72 percent above its IPO at US$62 per share.

"I think Pinterest has a proven business model, a cult following, and its customers are very loyal to the company and the solution that it provides", Alejandro Ortiz, a research analyst with SharesPost, a San Francisco private trading marketplace, told Yahoo Finance in an interview.

Zoom raised $517.5 million from investors before its Thursday IPO, and entered the public market as a rare profitable tech company.

Pinterest's IPO was underwritten by a 12-member team led by Goldman Sachs and JPMorgan. At the end of the year, it has brought the platform to 265 million active users and could reduce their loss of 130 million to $ 63 million. Zoom posted gross profits of almost $270 million a year ago, and revenue has more than doubled from 2017 to 2018. The first course of Zoom on the tech stock exchange Nasdaq price was 65 dollars, and more than 80 percent of the output. While the digital advertising space is dominated by Google and Facebook, Pinterest's believers see the company as doing something different from both, inspiring people online to do something offline, whether that's remodeling a kitchen or cooking some chicken parmesan.

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