Pinterest scales back IPO price in hopes to raise $1.5 billion

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Pinterest has set the pricing of its initial public offering slightly below its last  private-market valuation from two years ago.

The social media website updated its IPO filing with the SEC on Monday, stating that it would sell 75 million shares at a range between $ 15 and $ 17 per share when the company goes public later this year. The company plans to raise about $ 1.5 billion in its initial offering of shares.

The announcement puts Pinterest’s valuation at a maximum of about   $ 11.3 billion. The company’s most recent valuation, however, was pegged at $ 12.3 billion when it raised funding in 2017. Read more…

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