FILE PHOTO: A Pinterest banner hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2017. REUTERS/Brendan McDermid/File Photo
(Reuters) – Image sharing website Pinterest Inc set a price range of $15 to $17 per share for its initial public offering of 75 million shares, as per a filing bit.ly/2OZLmYU with the U.S. Securities and Exchange Commission on Monday.
At the upper end of its target range, the company would be valued at $9 billion and could raise $1.3 billion in net proceeds.
Pinterest, which was valued at $12 billion in its last fundraising round in 2017, will list under the symbol “PINS” on the New York Stock Exchange.
Reuters had reported in January Pinterest could raise around $1.5 billion and that the IPO was likely to come in the first six months of 2019.
The company reported annual revenue of $755.9 million in 2018, up 60 percent from a year earlier. But it remains unprofitable even though its net loss narrowed to $62.97 million in 2018 from $130 million a year earlier.
The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include Co-founder, President and Chief Executive Officer Benjamin Silbermann.
Reporting by John Benny and Aparajita Saxena in Bengaluru; Editing by Arun Koyyur