Pinterest Inc's message to investors was don't compare us to social media or a search engine.
The IPOs of Pinterest and other loss-making unicorns - startup companies with valuations of at least $1 billion - have presented a predicament for investors. The company headed by Ben Silbermann had its virtual pinboard rise 25 per cent in its NYSE debut, where it opened at $23.75 per share.
Yuan, Zoom's CEO, said that he thinks that the San Jose, California-based company can live up to the hype.
The successful debut bodes well for the U.S. IPO market as it readies for the much-awaited listing of ride-hailing giant Uber Technologies, particularly after smaller rival Lyft Inc's struggles to hold onto its gains since its flotation earlier this month.
Like Zoom, Pinterest priced its shares above its marketed range and began trading Thursday, closing its first day up 28 percent. Other tech companies that have announced their intention to go public this year include Slack and Postmates. Based on the number of Class A and B shares outstanding after the offer, as detailed in a regulatory filing, Pinterest's IPO price would value it at about $10.1bn.
At $19, the introductory price is above the range $15-$17 that was predicted and which valued the company at $11 billion. The price increase made the stock market value to more than 12 billion dollars.
Zoom's China-born founder Eric Yuan, 49, who was refused a United States visa eight times, now holds shares worth more than £2 billion in his company.
"Opening up for Uber is like opening up for the Rolling Stones", he said. It and Zoom, a web-cloud-services company that also went public Thursday, are the first tech companies to list their stock since the highly anticipated Lyft debut turned into a dud.
If they truly do, that could help Pinterest on the long run. While the digital advertising space is dominated by Google and Facebook, Pinterest's believers see the company as doing something different from both, inspiring people online to do something offline, whether that's remodeling a kitchen or cooking some chicken parmesan. According to James Cordwell, an analyst at Atlantic Equities, Pinterest is worth as much as Snap, about $16bn, and could be much more.
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