Pinterest to price its IPO above the expected range

  • Pinterest is expected to price its initial public offering above the expected range, according to sources familiar with the matter.
  • Pinterest is set to price its IPO on Wednesday.
  • The image-sharing social media company initially said in a regulatory filing that it planned to sell 75 million shares at price range of $15 to $17 a share, valuing the company at $9 billion.
A Pinterest employee speaks with attendees during a Pinterest media event at the company's corporate headquarters office in San Francisco.
Josh Edelson | AFP | Getty Images
A Pinterest employee speaks with attendees during a Pinterest media event at the company's corporate headquarters office in San Francisco.

Pinterest is expected to price its initial public offering above the expected range, according to sources familiar with the matter.

Pinterest is expected to price its IPO on Wednesday night.

The image-sharing social media company initially said in a regulatory filing that it planned to sell 75 million shares at price range of $15 to $17 a share. A price of $18 per share or above would imply a market valuation upwards of $9.5 billion.

The company reported $756 million in 2018 revenue in its IPO prospectus. Revenue grew 60% year over year, but the social media company still had a net loss of $63 million.

Pinterest will list under the symbol PINS on the New York Stock Exchange. The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include co-founder and CEO Benjamin Silbermann.

The Wall Street Journal first reported Pinterest's expected pricing.

CNBC's Sara Salinas and Reuters contributed to this report.