Pinterest plans to raise £1.1bn in stock exchange flotation

News, Social Media

Pinterest plans to raise about 1.5 billion dollars (£1.1 billion) in its initial public offering of shares.

The digital scrapbooking site said in a regulatory filing that it will put about 86.3 million shares up for sale at a price between 15 dollars (£11.50) and 17 dollars (£13.03) each.

It is offering 75 million class A shares. Pinterest claims more than 250 million active monthly users and more than two billion monthly searches.

The platform allows people to search for and “pin” images that interest them, whether it is fashion, sport, pets or travel.

The San Francisco company had revenue of 756 million dollars (£579 million) last year, a 60% bump from 2017.

Pinterest’s stock will list on the New York Stock Exchange under the PINS ticker symbol.

Chris Price
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