Pinterest Inc's initial public offering set the online scrapbook company�...
NEW YORK - Pinterest Inc’s initial public offering set the online scrapbook company’s valuation at $12.7 billion on Wednesday, above its expectations and a sign of strength for the tech IPO market after Lyft Inc’s struggles.
Lyft 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. Pinterest had set a $15-$17 target range. At $19 per share, Pinterest raised around $1.4 billion at a roughly $12.7 billion valuation. Other IPOs this year, such as cloud computing company PagerDuty Inc and jeans maker Levi Strauss & Co have also traded above their IPO prices since going public.
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