Pinterest sets its IPO price range at $15 to $17

Pinterest is eyeing a valuation of up to $9 billion when it debuts on public exchanges later this spring.

That’s something of a discount from the company’s most recent valuation on the private markets, but nonetheless keeps Pinterest in the same neighborhood as other major tech companies set to IPO in 2019.

The image sharing social network said in a regulatory filing Monday it would sell 75 million shares at $15 to $17 per share. At the upper end of its target range, the company could raise $1.3 billion in net proceeds.

Lyft was the first out of the gates in a heavyweight class of tech IPOs. The company raised $2.3 billion in its offering and has seen a rocky start to trading. Uber, Slack, and Postmates have all filed to go public this year.

Pinterest was valued at $12 billion in its last fundraising round in 2017. CNBC reported last year the company was nearing $1 billion in ad revenue.

The company reported $756 million in 2018 revenue in its initial IPO prospectus. Revenue grew 60% year over year, but still made for a net loss of $63 million.

Pinterest will list under the symbol “PINS” on the New York Stock Exchange. The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include co-founder and CEO Benjamin Silbermann.

—Reuters contributed to this report.

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