Pinterest began its first day of trading Thursday at $23.75, up 25%.
The bump pushed Pinterest's market cap above $12 billion after it was initially priced at $19 per share, which had valued it at $10 billion. That puts Pinterest's valuation just above that of its latest funding round in 2017.
The company, which debuted on the New York Stock Exchange under the ticker "PINS," originally said in a regulatory filing it would sell 75 million shares at a price range between $15 and $17 per share, which would have valued it as high as $9 billion.
The debut is the latest in what's shaping up to be a huge year for tech offerings, with Uber's IPO set for the coming weeks and Slack's direct listing reportedly on the horizon. Lyft was the first to hit the market in March, followed by software company PagerDuty last week and then Zoom, which is beginning trading on Thursday.
Pinterest has a dual-class structure that concentrates voting power among its major stakeholders, including co-founders Benjamin Silbermann and Evan Sharp.
The social media company lets users "pin" images they like and is particularly popular with moms, according to its IPO prospectus. Pinterest claims that 80% of its total audience in the U.S. is made up of women between the ages of 18 and 64 who have children, based on an independent study by Comscore.
At 265 million monthly active users in the fourth quarter, Pinterest's is dwarfed by social media giants like Twitter and Facebook, which most recently reported 321 million and 2.32 billion monthly users, respectively. But it has gained a loyal following and says international growth has picked up since the company began localizing content in foreign countries.
The company's revenue rose 60% last year to $756 million in revenue and it reported a net loss of $63 million, according to its IPO prospectus.
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