Pinterest raises US$1.4b in IPO in sign of sustained demand after Lyft struggles

Pinterest Inc said on Wednesday it raised around US$1.4 billion in its initial public offering , fetching a roughly US$12.66 billion valuation, above its expectations.[NEW YORK] Pinterest Inc said on Wednesday it raised around US$1.4 billion in its initial public offering , fetching a roughly US$12.66 billion valuation, above its expectations.

Pinterest, the online scrapbook where users save ideas for clothes, décor and recipes, said it priced its initial public offering at US$19 per share, above its US$15-17 target range. Its performance will be a key test of the tech IPO market after the stock market debut of ride-hailing start-up Lyft Inc at the end of last month.

Lyft shares have dropped around 17 per cent from its IPO price, raising concerns about bigger rival Uber Technologies Inc when it prices its IPO next month.A key difference between Pinterest and Lyft however were their valuation expectations. Lyft was seeking a valuation of up to US$24.3 billion in its IPO, higher than the US$15 billion valuation it attained in its latest private fundraising round in 2018.

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