Social scrapbooking site Pinterest has launched an initial public offering set the online scrapbook company’s valuation at $12.7bn.
Pinterest started trading on the New York Stock Exchange on Thursday.
Its performance will be a key test of the tech IPO market after the Nasdaq debut of ride-hailing start-up Lyft at the end of last month.
Pinterest says it has 250 million users and reported revenue of $756m (£579m) last year.
Its performance will be a test of the tech IPO market, following last month’s disappointing debut from ride-hailing firm Lyft.
Lyft raised more than it had set out to do when it went public, but shares have dropped around 17 percent from its IPO price, raising concerns about bigger rival Uber Technologies Inc when it prices its IPO next month.
Off the back of Pinterest’s IPO announcement, Aaron Goldman, CMO, 4C Insights, said: “Pinterest plays an important role in the media mix by helping brands reach audiences at key moments of inspiration. While other channels specialize in facilitating high-level brand awareness or direct-response purchase activity, Pinterest generates results across the entire marketing funnel. We’ve seen continued increases in investment on Pinterest from advertisers using 4C to buy an array of formats including Promoted Pins, Video, and Shopping Ads.”
