(Reuters) – Shares of online scrapbook company Pinterest Inc surged 25 percent in their debut, giving it a market capitalization of $15.8 billion and signaling increased investor appetite for new tech listings, ahead of the much-awaited debut of Uber Technologies.
The offering of 75 million shares was priced at $19, above the expected range of $15 and $17, and raised $1.4 billion in net proceeds.
The social-scrapbooking website allows users to search for various topics, from home improvement projects to travel tips, with results often showing handy infographics.
It also lets users to create social “boards”, which relate to certain topics or theme, and encourages users to follow each other and their boards.
(Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila)