Pinterest valued $3 billion less than it was 2 years ago after setting price range for IPO

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    Pinterest is eyeing a valuation of up to $9 billion when it debuts on public exchanges this spring.

    Lyft was the first out of the gates in a heavyweight class of tech IPOs. The company raised $2.3 billion in its offering but has seen a rocky start to trading. Uber, Slack, and Postmates have all filed IPO plans for this year.

    Pinterest was valued at $12 billion in its last fundraising round in 2017. CNBC reported last year the company was nearing $1 billion in ad revenue.

    The company reported $756 million in 2018 revenue in its IPO prospectus. Revenue grew 60% year over year, but still made for a net loss of $63 million.

    Pinterest will list under the symbol “PINS” on the New York Stock Exchange. The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include co-founder and CEO Benjamin Silbermann.

    —Reuters contributed to this report.

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