Pinterest sets IPO price below last valuation

Ben Silbermann, founder and CEO of Pinterest, speaks at Thinc Iowa 2011 Conference. (Photo from Silicon Prairie News).

Pinterest news has been making the rounds ever since the company confidentially filed for an IPO late last month.

Founded by Ben Silbermann and Evan Sharp, the Pinterest platform allows users to upload, save, sort and manage images—known as pins—and through collections are known as pinboards.

Since launching in 2010, the platofrm has exploded and now has more than 200 million users logging in at least once a month.

Pinterest co-founder has roots in Iowa

Ben Silbermann, co-founder and CEO of Pinterest, grew up in Des Moines and is a graduate of Des Moines’ Roosevelt High School.

After graduating from Roosevelt, Silbermann attended the Research Science Institute at MIT. He then graduated from Yale College in the spring of 2003 with a degree in political science.

Prior to co-founding Pinterest, Silbermann worked as a Product Consultant at Google.

Pinterest sets IPO Price below valuation

In an updated filing with the Securities and Exchange Commission, the company revealed its plans to sell 75 million shares for between $15 and $17 in its upcoming initial public offering. That puts the company’s valuation at between $10 and $11.3 billion, reports The New York Times.

The number, though, is lower than the $12.3 billion Pinterest was valued at during its last venture capital funding round in June of 2017.