Shares in Pinterest rose by as much as 30pc on Thursday as the image-sharing app went public in NY, showing that rampant demand for tech listings continues despite recent market stumbles.
Two highly-anticipated tech companies will make their public market debut Thursday, Pinterest and Zoom.
Why does it matter?
San Francisco-based Pinterest has more than 250 million monthly users.
The shares opened at $23.75 and touched a high of $24.89 at of 1548 GMT.
Yuan, who is the president, CEO and chairman on the head of Zoom, also stated that the company is focusing on bringing more users to their platform alongside aiming to get a larger market share in the sector, while Yuan holds around 21.1% stake in Zoom, worth 3.6 billion dollars with the price of 66$ per share. On the other hand, Zoom raised its offering price range Tuesday and was expecting to price anywhere between $33 and $35 per share, giving the company a valuation of almost $9 at the top end of the range.
Thursday also saw a successful debut by USA video conferencing firm Zoom Video Communications, which soared 80 percent above its IPO price of $36. Zoom's shares finally closed at an impressive 72 percent above its IPO at US$62 per share.
Seeking a massive $100 billion valuation, traders are already betting on whether it will follow in the footsteps of its rival Lyft, or exceed expectations. They were up more than 29 per cent to US$24.61 at 11:42 a.m.in NY trading Thursday, giving the company a market value of about US$13 billion, according to data compiled by Bloomberg. This has led to the company being valued at $16 billion as of April 18, 2019.
They later settled around $64, up from the offer price of $36, taking its value to just over £12.5 billion.
The IPO was underwritten by a 12-member team that included Goldman Sachs and JPMorgan.
Pinterest had revenue of $756 million past year and a loss of $63 million. The stock is trading on the Nasdaq Global Select Market under the ticker ZM.
The extremely popular social media site Pinterest Inc. The company had $330 million in revenue last year and profit of $7.6 million, making it one of the few profitable technology companies going public this year.