Pinterest wants to raise $1.5B in IPO

NEW YORK (AP) — Pinterest plans to raise about $1.5 billion in its initial public offering of shares.

The digital scrapbooking site said in a regulatory filing Monday that it will put about 86.3 million shares up for sale at a price between $15 and $17 each. Pinterest is offering 75 million Class A shares.

Pinterest claims more than 250 million active monthly users and more than 2 billion monthly searches.

The platform allows people to search for and “pin” images that interest them, whether it’s fashion, sports, pets or travel.

The San Francisco company had revenue of $756 million last year, a 60 percent bump from 2017.

Pinterest’s stock will list on the New York Stock Exchange under the “PINS” ticker symbol.