Pinterest prices IPO at $19, above target range

Pinterest Inc, the online scrapbook where users save ideas for clothes, décor and recipes, said on Wednesday it priced its initial public offering at $19 per share, above its $15-$17 target range.

At this price, Pinterest raised around $1.4 billion (1.1 billion pounds) at a roughly $12.6 billion valuation, taking into account restricted stock units and options.

The company is due to start trading on the New York Stock Exchange on Thursday under the symbol "PINS".

The company reported annual revenue of $755.9 million in 2018, up 60 percent from a year earlier. But it remains unprofitable even though its net loss narrowed to $62.97 million in 2018 from $130 million a year earlier.

The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include Co-founder, President and Chief Executive Officer Benjamin Silbermann.