Shares in Pinterest, the digital pin board, jumped over 28 per cent on its first day of trading as a public company.[SAN FRANCISCO] The rush of so-called unicorn startups toward the public markets had a rocky start. But Thursday indicated that investors remain eager to get a piece of them.
Before the companies' IPOs, there were many questions about whether investors were willing to swallow the risk of the latest crop of tech companies. Ride-hailing company Lyft, which went public in March, has had a troubled start. Lyft shares surged, then quickly sank below their initial price. Pinterest is closer to turning a profit than Uber and Lyft. It lost US$63 million on revenue of US$756 million last year, a sharp contrast to the nearly US$1 billion Lyft lost and the US$1.8 billion Uber lost in the same period.
Rick Heitzmann, managing director at FirstMark Capital, one of Pinterest's first investors, said Pinterest's understated culture served it well in the IPO process. Pushing for a higher share price in its offering would not have been a good long-term strategy, he said.
Source: News Formal (newsformal.com)
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