Pinterest today began its first day of trading on the New York Stock Exchange debuting at $23.75 per share. Trading under the ticker “PINS”, the company was trading up 25% from its IPO price, according to CNBC News. Initially valued at $19 per share, the bump pushed Pinterest’s market cap above $12 billion, compared to the previous $10 billion valuation.
The company had originally said that in a regulatory filing it would sell 75 million shares at a price range between $15 and $17 per share, which would have valued it as high as $9 billion. But the stock continued to climb, rising more than 30% to a market cap topping $13 billion.
“Pinterest isn’t a social network,” said Pinterest CEO Benjamin Silbermann while trying to distinguish the company from the likes of Facebook and Twitter. “We really think about it as a utility,” he said:
“We’re less focused on making it a place where you talk to your friends every day or you follow celebrities.”
“The really cool thing about advertising on Pinterest is that people are there to get inspiration and do things, and that often means buying,” Silbermann said. “So over the last couple years and for the foreseeable future, we’re going to work on bridging that gap between seeing something inspirational and finding a product from a retailer that you trust at a price point that makes sense for you.”
Silbermann notes that he is focused on expanding Pinterest’s global presence and making it a place where businesses can reach their target audiences.