Pinterest, Zoom shares surge in market debuts after IPOs

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Pinterest Inc's initial public offering set the online scrapbook company's valuation at 12.7 billion US dollars on Wednesday, above its expectations and a sign of strength for the tech IPO market after Lyft Inc's struggles. The videoconferencing company is headquartered in San Jose, California. It shares surged 72.2% from their IPO price of $36. Despite Pinterest's efforts to distance itself from the label of a "social media company, analysts say it can be a useful benchmark for valuation". Pinterest listed on the New York Stock Exchange and priced its IPO late Wednesday at $19 a share, above its expected range of $15 to $17 a share.

Pinterest's initial 15-17 US dollars per share target range had set it on course to be valued below its last private fundraising valuation of 12.3 billion USA dollars in 2017. The photo platform is collected at the time of the IPO with the issuance of 75 million shares, a total of 1.43 billion dollars (1.27 billion euros) to investors. It expects to report 291 million global monthly active users as of March 31, an increase of 22 percent from a year earlier. The jump Zoom's shares put its valuation above that of Pinterest, with $12.9 billion, and Tradeweb Markets, which raised $1.1 billion in the third-biggest USA listing this year and is now valued at about $8.7 billion.

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Investors are hopeful that Pinterest, the highest-profile social media company to list in the U.S. since Snap in 2017, will have a strong run given the company's ability to grow revenue and increase its user base.

Pinterest's IPO was underwritten by 12 banks led by Goldman Sachs Group Inc and JPMorgan Chase & Co. PINS stock is also trading up in after-hours trade, now trading at $24.49. Money takes Pinterest, mainly through advertising - paid-for Pins that are displayed to the users. The company had $330 million in revenue last year and profit of $7.6 million, making it one of the few profitable technology companies going public this year.

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