Online scrapbook platform Pinterest has been valued at more than $10 billion after pricing its shares at the higher end of the range ahead of its first floatation on the stock market.
Despite initially indicated shares would be priced between $15-17 but set it at $19 before its debut on the New York Stock Exchange today (Thursday).
Pinterest, which has consistently made a loss, also warned potential investors that it may never make a profit. There are some positive signs, however. Its losses are falling as revenue rises. Revenue more have more than double from $298 million to $755m, while losses have more than halved from $181m to $62m
The move is being closely watched to determine what investor appetite is like before other big IPOs take place in the near future. Uber, which is also a loss-making business, is expected to be valued at more than $100bn and raise over $10bn when it floats on the stock market. It comes just weeks after Uber's rival, Lyft, joined the market at $72 per share but the price has since dropped 22%.