Pinterest's shares soar 25 percent in market debut
Shares of online scrapbook company Pinterest Inc surged 25 percent in their debut, giving it a market capitalization of $15.8 billion and signalling increased investor appetite for new tech listings, ahead of the much-awaited debut of Uber Technologies.
The offering of 75 million shares was priced at $19, above the expected range of $15 and $17, and raised $1.4 billion in net proceeds.
The social-scrapbooking website allows users to search for various topics, from home improvement projects to travel tips, with results often showing handy infographics.
It also lets users to create social "boards", which relate to certain topics or theme, and encourages users to follow each other and their boards.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.