Shares of Pinterest Inc surged almost 30 percent in their stock market debut on Thursday, valuing the online scrapbook company at around $16 billion and signaling investor appetite for new tech listings.
(Reuters) — Shares of Pinterest Inc surged almost 30 percent in their stock market debut on Thursday, valuing the online scrapbook company at around $16 billion and signaling investor appetite for new tech listings.
That bodes well for the U. S. IPO market as ride-hailing company Uber Technologies Inc prepares for its highly anticipated debut, particularly with shares in smaller rival Lyft Inc floundering below their March offering price.
“All of the gyrations that you read about in the press and the drama that you read about in other cases, we can certainly fall victim to a lot of those things if we are distracted by the news cycle or things that are short-term by nature,” Pinterest Chief Financial Officer Todd Morgenfeld said.
“But we’re focused on building the best version of Pinterest we can over the next several years.
