Dream debut for Pinterest in the New York Stock Exchange (NYSE)
Pinterest (NYSE: PINS) is a public company. The company headed by Ben Silbermann had its virtual pinboard rise 25 per cent in its NYSE debut, where it opened at $23.75 per share. Currently, the shares of its stock are up by another 2 per cent, with it trading at more than $24 each. The company decided to price its shares above range on Wednesday night at $19 apiece. The IPO price provided the company with a fully diluted market cap of $12.6 billion, a figure that is slightly larger than its Series H valuation of $12.3 billion. However, this is a great feat for a company that is a debutant in the NYSE. After selling 75 million Class A shares, Pinterest has a fresh $1.4 billion of resources to navigate the trials and tribulations that present themselves when you are a public company.
Zoom, a unicorn IPO that happened to fall on the same day as Pinterest’s big debut, has skyrocketed by 81 per cent on its first day of trading. Shares of this video conferencing business began trading at $65 per share in the early hours of Thursday after the company had priced its shares at $36 apiece on Wednesday, well above its anticipated range. The company initially planned to price its shares at between $28 and $32 per share but following the increase in demand to be the investor in a profitable tech business. Zoom hastened expectations, announcing that they planned to sell shares priced between $33 and $35 apiece.