April 18 (UPI) — Social media company Pinterest began its first day of trading at $23.75, up 25 percent from its initial public offering of $19 per share.
The move pushed Pinterest’ market cap above $12 billion, compared to the company being valued at $10 billion had it stayed with the IPO topping out at $19.
Furthermore, the stock kept rising more than 28 percent to a market cap of $13 billion.
The company had raised $1.4 billion for its IPO.
Pinterest last saw a valuation in 2017, when a private funding round pegged it at $12.3 billion.
A valuation lower than $12 billion could have created losses for some investors, but the company’s “road show” pitches ahead of its debut attracted investors, spurring the increase in share price.
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