April 8 (UPI) -- Social media company Pinterest will offer its first public shares at a price between $15 to $17 when it hits the New York Stock exchange next week, the company said in a filing Monday.
The company's filing with the Securities and Exchange Commission said Pinterest plans to start its roadshow to pitch the shares to investors Monday. The proposed value -- about $11.3 billion -- will be far below the $21.54 share price it offered during a capital raise. The company plans to sell about 75 million shares under the ticker symbol "PINS."
Pinterest reported $756 million in 2018 revenue and said revenue grew over 2017, but the company still reported a net loss of $63 million.
Pinterest says it has 250 million monthly active users, $750 million in revenue, 2 billion monthly searches and 175 billion "pins" saved.
Several high-profile technology companies are going public in 2019. Ride-hailing company Lyft debuted on the Nasdaq last week, with shares hitting $87 on the first day. Rival Uber will have its initial public offering next month and could be valued as high as $120 billion, analysts said.