SAN FRANCISCO — Pinterest, a leading social media site that lets users share photos of interest, rose 28% on its IPO debut.
Trading under the symbol PINS on the New York Stock Exchange, Pinterest went public at $19 per share and opened at $23.75. The stock climbed as high as $25.18 before closing at $24.40.
Pinterest sold 75,000,000 shares of its Class A common stock, plus up to an additional 11,250,000 shares that the underwriters have the option to purchase.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Allen & Company LLC served as lead joint book-running managers for the offering. BofA Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and RBC Capital Markets, LLC. acted as book-running managers for the offering. Robert W. Baird & Co. Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC served as co-managers for the offering.
With headquarters in San Francisco, Pinterest was founded in 2010 and has over 1,700 employees in offices across the globe, including in Atlanta, Berlin, Chicago, Detroit, Dublin, London, Los Angeles, New York, Portland, Paris, Sao Paulo, Seattle and Tokyo.
The company says it has 250 million active users each month with over 50% from outside the U.S.
CEO Ben Silbermann has an 11.4% stake in the company or 51,631,716 shares. They were worth $1.259 billion as of trading close on Thursday.
Bessemer Venture Partners has the largest stake in Pinterest with 59,458,125 shares or 13.6% of the company. Bessemer’s stake is worth $1.45 billion.