Pinterest prices shares cautiously
Pinterest lowered its IPO sights, setting a price range of $15 to $17 a share for a valuation of about $8.5 billion — below a recent private-investor valuation of $12.3 billion. The social bookmarking platform, expected to go public next week, would be the second of several major tech startups to do so this year. Its conservative approach stands in contrast to Lyft, which priced its shares above market expectations only to watch them drop following an IPO last month.
- Pinterest, which Monday kicked off an investor roadshow, will debut on the New York Stock Exchange under the symbol PINS.