Ahead of its debut on the New York Stock Exchange today, the online scrapbooking platform priced its shares at $19 — that’s $2 more than its previous high end — for a total valuation of $12.7 billion. Some suggest it’s a vote of confidence in the tech IPO market, which has been partially tainted by Lyft’s unimpressive performance since it went public last month.
Why does it matter? Since it’s one of the year’s most anticipated debuts, Pinterest’s experience will either soothe or raise investors’ concerns over the risk-reward ratio of tech-sector IPOs.
Check out OZY’s Special Briefing on this year’s wave of unicorns going public.