Pinterest sets IPO price range between $15-$17 per share

Image sharing website Pinterest Inc set a price range of $15 (£11.49) to $17 per share for its initial public offering of 75 million shares, as per a filing with the U.S. Securities and Exchange Commission on Monday.

At the upper end of its target range, the company would be valued at $9 billion and could raise $1.3 billion in net proceeds.

Pinterest, which was valued at $12 billion in its last fundraising round in 2017, will list under the symbol "PINS" on the New York Stock Exchange.

Reuters had reported in January Pinterest could raise around $1.5 billion and that the IPO was likely to come in the first six months of 2019.

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.