Shares of image sharing site Pinterest had experienced a spacedive of more than 25 percent following its debut on Thursday, the 18th of April 2019, proffering the online scrapbook a market valuation of around $15.8 billion alongside indicating a robust investors’ appetite for new tech public listings.
While this report was being prepared, April 18th, GMT. 20.00, the shares of Pinterest Inc., listed in NYSE, had wrapped up day 29.08 percent higher at $24.52, well above its IPO price at $19 per share. A successful debut of social media web and application company, Pinterest Inc.
could pave the way for an affirmative outcome of much-awaited public listing of ride-hailing giant, Uber Technologies, scheduled to be taken place earlier on May. Followed by the Initial Public Offering, Pinterest Inc. Chief Financial Officer, Todd Morgenfeld said in an interview, “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.
But we’re focused on building the best version of Pinterest we can over the next several years”. Nevertheless, investors’ optimism appeared to be euphoric, as it had been the most high-profile public listing of a social media company since Snap Inc.’s debut in US markets back in 2017.