Apr 8, 2019

Pinterest sets IPO terms below last private valuation

Illustration: Aïda Amer/Axios

Pinterest, the social bookmarking platform, on Monday set IPO terms with plans to begin trading late next week on the New York Stock Exchange.

The bottom line: The proposed price range of $15–$17 per share would give Pinterest an initial market cap of around $8.5 billion, were it to price in the middle, and a fully diluted valuation of around $11 billion. Both are lower than Pinterest's most recent valuation from private market investors of $12.3 billion.

  • On the one hand, it's absurd to tie Pinterest's under-valuation into the perceived disappointment of Lyft's IPO. Not only because the two companies are in entirely different industries, but also because Zoom Video just filed for an IPO that would give it an initial market cap of around 7 times its last private valuation.
  • But, but, but: Private market investors have indulged their own unicorn herd mentality when it comes to valuations, particularly for those companies with higher public profiles (Pinterest>Zoom, in this regard). And, remember, a lot of the pre-IPO money and IPO money is now managed by the same people.

Go deeper: Pinterest prepares to go public

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 1,192,028 — Total deaths: 64,316 — Total recoveries: 245,949Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 301,902 — Total deaths: 8,291 — Total recoveries: 14,520Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. The virus is hitting poor, minority communities harder and upending childbirth.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. "We're having the convention at the end of August."
  5. Business updates: Restaurants step up for health care workers. Employees are pressuring companies to provide protections during coronavirus.
  6. Oil latest: Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Education update: Many college-age students won't get coronavirus relief checks.
  8. 1 🏀 thing: The WNBA postpones start of training camps and season.
  9. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Death toll surpasses 8,200, case count tops 300,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the coronavirus surpassed 8,100 in the U.S. on Saturday, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day for the past four days, since April 1.

The big picture: Trump said Saturday that America's "toughest week" is ahead. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said the country should expect to see deaths continue to increase in the next week.

Go deeperArrowUpdated 41 mins ago - Health

World coronavirus updates: Spain tracks more cases than Italy

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Spain overtook Italy in its number of coronavirus cases on Saturday. The global death toll has surpassed 62,000, per Johns Hopkins data.

The latest: About half the planet's population is on lockdown amid the coronavirus crisis. Fatalities are exponentially increasing across Europe, with roughly half of deaths worldwide located in Italy and Spain.

Go deeperArrowUpdated 4 hours ago - Health