WASHINGTON: Pinterest said Monday it would raise up to $1.5 billion in its stock offering, setting a price range that trims the value of the online visual discovery startup.
San Francisco-based Pinterest’s price range of $15 to $17 a share would give it an estimated valuation of some $11 billion, below the $12 billion in its most recent private funding round.
The pricing suggests caution about the big venture backed “unicorns,” or startups worth more than $1 billion, after a mixed response to the Wall Street debut of ride-hailing firm Lyft.
Pinterest, a virtual bulletin board that connects people with interests including food, fashion, travel and lifestyle, plans to trade under the symbol PINS on the New York Stock Exchange.
Pinterest has some 250 million worldwide users but its path to profitability remains uncertain.
Pinterest lost $63 million in 2018 on revenue of $755.9 million. That compared with a loss of $130.0 million on $473 million in 2017 revenue, according to the filing with Securities and Exchange Commission.
Launched in 2010, Pinterest brings in money from its role in online shopping and from advertising.
Pinterest attracts users who create virtual bulletin boards with pictures showcasing interests in anything from food to sports, fashion or travel.
The research firm eMarketer expects Pinterest’s global ad revenues to hit $1 billion this year, making up just 0.3 percent of the total digital ad spend.
In addition to making money from ads, Pinterest seeks to become a force in e-commerce by enabling users to click on images to purchase items they see.
Like several other startups, Pinterest will use a dual-class share structure that enables the founders, including chief executive Ben Silbermann, to retain control.
Pinterest sets IPO to raise up to $1.5 billion
Pinterest sets IPO to raise up to $1.5 billion
- San Francisco-based Pinterest’s price range of $15 to $17 a share would give it an estimated valuation of some $11 billion
- Pinterest has some 250 million worldwide users
Gems of Arabia magazine launched to spotlight talents shaping Saudi Arabia’s evolving cultural landscape
- The publication features established and emerging talents elevating the region across design, fashion, art, tech, music, architecture and media
- Saudi fashion designer Hatem Alakeel seeks to highlight the richness of the Kingdom, and wider modern Arab culture to global audiences
DUBAI: When Saudi fashion designer Hatem Alakeel interviewed Princess Reema bint Bandar Al-Saud before her appointment as Saudi ambassador to the US, the longtime advocate of women’s empowerment made a powerful prediction: “I look forward to the day that the Saudi woman is no longer the story but rather a phenomenal achievement.”
That moment would become the foundation for Gems of Arabia, an arts and culture audio-visual podcast that spotlights the creative talents shaping the landscape of Saudi Arabia and the broader region.
Over six years, Gems of Arabia has documented the sweeping transformation of the Kingdom’s art and culture scene, and is now evolving into a full-fledged magazine.
“It started off as a column I used to write, and from there, it turned into a podcast. Now it is growing into a magazine,” Dubai-based Alakeel, the magazine’s founder and editor-in-chief, told Arab News ahead of the launch of the digital publication on Thursday.
Besides spotlighting celebrated regional artists, Alakeel said Gems of Arabia is in search of the “hidden gems” elevating the region across design, fashion, art, tech, music, architecture and media.
The magazine serves as a platform for talented, authentic creatives and tech entrepreneurs unable to articulate their work “because they don’t have the public relations or capacity to promote themselves even through social media.”
Alakeel added: “Our job is to identify all these authentic people; you don’t have to be famous, you just have to be authentic, and have a great story to tell.”
The digital publication offers a dynamic blend of short-form podcasts, coverage of regional cultural events, in-depth features and editorials, long-form interviews and artist profiles — spotlighting both celebrated and emerging talents. This is complemented by social media vox pops and bite-sized coverage of art events across the region.
Alakeel, who also runs Authenticite, a consulting and creative production agency connecting creators and brands who want to understand Saudi culture, said the magazine content is “carefully curated” to feature topics and personalities that resonate in the region.
Growing up in France, Alakeel said his mission started early on when he felt the need to represent his Saudi culture “in a way where it can hold its own internationally.”
Through his first brand, Toby, he sought to bring the traditional thobe into modern designs and introduce it to the luxury fashion world. This mission was accomplished when his thobe designs were placed alongside global labels such as Harvey Nichols, Dolce & Gabbana and Prada.
What began as a personal design mission would soon expand into a broader platform to champion Saudi talent.
“I was articulating my culture through fashion and it just felt natural to do that through the incredible people that the region has,” Alakeel said, adding that the magazine aims to highlight the richness of the Kingdom, and wider modern Arab culture to global audiences.
“Art is such a great way of learning about a culture and a country,” he said.
What differentiates Gems of Arabia, Alakeel said, is its story of continuity and substance amassed over the years that has captured the evolution of the wider regional landscape.
“The website represents an archive of nearly 150 articles compiled through years of podcasts and long-form conversations that show continuity and depth changes,” he added.
“So, it’s an evolution and it’s another home for all our content and our community.”
On the ground in Saudi Arabia, the publication hosts GEMS Forum, a series of live cultural gatherings that bring together prominent artistic figures for in-depth conversations later transformed into podcast episodes recorded with a live audience.
Alakeel said the print edition of Gems of Arabia will debut in March, designed as a collectible coffee-table quarterly distributed across the Gulf.
He envisions the platform growing into a long-term cultural record.
“It's a Saudi-centric magazine, but the idea is to make it inclusive to the region and everyone authentic has a seat at the table,” said Alakeel.
