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Update: Pinterest sets IPO price range

Pinterest Inc. set a price range of $15 to $17 per share for its initial public offering, according to an April 8 regulatory filing.

The social media company is offering 75 million shares of its class A common stock in the IPO. Pinterest expects net proceeds of about $1.15 billion, or about $1.32 billion if the underwriters exercise their option to buy additional shares in full, at an assumed IPO price of $16 per share, which is the midpoint of the estimated offering price range.

Pinterest intends to use a portion of the net proceeds from this offering to repay about $275.1 million that the company expects to borrow under its revolving credit facility before the completion of this offering to fund the tax withholding and remittance obligations of about $275.1 million related to the RSU settlement. Moreover, Pinterest expects to use the net proceeds for general corporate businesses and may also use a portion to acquire or invest in businesses, products, services or technologies.

The company will trade on the New York Stock Exchange under the symbol PINS.

Pinterest was valued at about $12 billion after a 2017 funding round, during which it sold shares at $21.54 each.

The underwriters for Pinterest's IPO are Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Allen & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC, Robert W. Baird & Co. Inc., UBS Securities LLC and Wells Fargo Securities LLC.