Pinterest Inc.’s message to investors: Don’t compare us to social media or a search engine. But as it gets ready to list shares as soon as Thursday, such a comparison could help Pinterest drum up demand amid a flood of new listings this year.
Videoconferencing company Zoom Video Communications Inc. is pricing its shares Wednesday and will begin trading Thursday along with Pinterest. Slack Technologies Inc. and Postmates Inc. are expected to follow soon.
Despite Pinterest’s efforts to distance itself from the label of a"social media company," analysts say it can be a useful benchmark for valuation. According to James Cordwell, an analyst at Atlantic Equities, Pinterest is worth as much as Snap, about $16 billion, and could be much more. Pinterest calls itself a “visual discovery” platform for people to get ideas for different aspects of their lives, whether that’s curating a wardrobe, planning a vacation or wedding, or furnishing a new home. In a video to investors, Silbermann illustrates why Pinterest is unique. He describes social media platforms as a way to document the past and entertain oneself; while Pinterest is a “utility” for future activities.
Pinterest said in its IPO filing that it reaches more than 250 million monthly active users, two-thirds of whom are female. That includes 43% of internet users in the U.S. and 8 out of 10 moms. Pinterest highlights that statistic as an advantage over other platforms, given that mothers are “primary decision-makers when it comes to buying products and services for their household.
“Pinterest should have among the most valuable ad impressions, second only to the Google search ad,” said Andrew Lipsman, an analyst at EMarketer. “You could argue that Facebook is also an amazing ad unit, but the fact that I'm talking about Pinterest in the same breath as Google means it has real potential.”
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