Pinterest prices its IPO at a price tag of $11.3 billion — below where it was last valued

Reuters

Pinterest announced the pricing of its initial public offering on Monday morning at a price tag below where it was previously valued. 

The social-media company said Monday in a filing with the Securities and Exchange Commission that it would sell 75,000,000 shares at a price between $15 and $17 apiece, giving it a maximum valuation of about $11.3 billion. Pinterest was last valued at $12.3 billion, following a 2017 fundraising round.

Pinterest will have both Class A and Class B shares. The former will give shareholders one vote per share and the latter will give shareholders 20 votes per share. All shares issued before the inital public offering will be made Class B immediately prior to the completion of the IPO, Monday’s filing said. 

Shares will trade on the New York Stock Exchange under the ticker PINS.

Goldman Sachs, JPMorgan and Allen & Company were listed as the lead underwriters. 

 

This story is developing…Check back for updates.

NOW WATCH: The founder and CIO of $12 billion Ariel Investments breaks down how his top-ranked flagship fund has crushed its peers over the past 10 years

See Also:

• Homeland Security Secretary Kirstjen Nielsen is out — here are all the casualties of the Trump administration so far
• Share your opinion — become a BI Insider!
• I own a 3-bedroom, 3-bathroom house in Denver. Here’s exactly what it costs every month

Source: Business Insider – jgarber@businessinsider.com (Jonathan Garber)