Pinterest is seeking a valuation of up to $9 billion when it debuts on the public market this spring, which will rake in hundreds of millions for each of its founders and other major stakeholders. Pinterest's valuation was said to be $12 billion nearly two years ago when it raised its last round of funding.
The company plans to sell 75 million Class A shares at $15 to $17 per share when it starts trading on the New York Stock Exchange under the symbol "PINS," according to a regulatory filing. Pinterest will use a dual-class structure to concentrate voting power among major stakeholders including co-founders Benjamin Silbermann and Evan Sharp. These stakeholders will own Class B shares.
Lyft similarly debuted with a dual-class structure when it hit the public market earlier this month. But unlike Lyft, whose founders are the sole owners of Class B shares, other major stakeholders in Pinterest like Andreessen Horowitz and FirstMark will also own this class of stock.
Pinterest is still on the early side of a wave of large tech IPOs anticipated this year. Uber and Slack are among some of the biggest public debuts expected to hit the public market as well.
Here's what each of Pinterest's major stakeholders stand to hold after its initial public offering, based on their post-IPO share counts and assuming the stock prices at the midpoint of its stated range at $16 per share:
https://www.cnbc.com/2019/04/08/pinterest-ipo-the-largest-shareholders.html
2019-04-08 14:48:36Z
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