Qualcomm-backed visual social media platform Pinterest floated above its range in an offering that will give it a market cap near $13bn.
Pinterest, the US-based social media platform backed by e-commerce firm Rakuten, raised $1.43bn today when it floated on the New York Stock Exchange.
The company priced 75 million shares at $19.00 each, above the $15 to $17 range it had set earlier this month, giving it a reported market cap of $12.6bn. The underwriters have 30 days to buy up to 11.3 million more shares, which would boost the size of the initial public offering to $1.64bn.
Founded in 2009,…
