Pinterest prices public offering at $19 per shares

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Pinterest is a popular bookmarking platform for planning everything from weddings to recipes by pinning pictures to boards. On Wednesday, the company, one of tech’s “unicorns” valued at $11 billion, announced a new feature called Lens, which will enable people to snap a picture of an item inside the Pinterest app.

SAN FRANCISCO (AP) – Pinterest is pricing its shares at $19 for its initial public offering Thursday, putting it on track to raise more than $1.4 billion.

The digital scrapbooking and image search site said last week it expected to sell 75 million shares at a price between $15 and $17 each.

The company will begin trading on the New York Stock Exchange under the symbol PINS.

Pinterest had revenue of $756 million last year and a loss of $63 million. It has more than 250 million monthly users.

Pinterest and Zoom, also scheduled to go public Thursday, are the first tech companies to list their stock since the highly anticipated Lyft debut.

Lyft shares are down more than 30 percent from their high in late March.

Scripps TV Station Group © 2019 The E.W. Scripps Co

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