Pinterest, the online image-search company, said it would sell 75 million shares in its initial public offering at a price of $15 to $17 a share, a valuation that would be below its most recent private valuation.
The company is expected to list on the New York Stock Exchange next week under the symbol “PINS.” Its investor roadshow begins Monday.
The Wall Street Journal had reported earlier Monday that Pinterest would set its IPO price range below where it last raised money privately. Pinterest most recently sold shares to pre-IPO investors in 2017 at a price of $21.54 each, according to regulatory filings, valuing the startup at roughly $12 billion, the Journal noted.
Pinterest will be the second high-profile, high-growth tech firm to make a public debut this year following Lyft’s (LYFT IPO in March.
In a filing in late March, Pinterest said its revenue rose 60% in 2018 to $755.9 million, while in a seasonally strong fourth quarter revenue rose 58% year over year to $273.2 million.
Pinterest has 265 million monthly active users and its user base is still growing at a good clip, particularly outside of the U.S.