Pinterest shares soared 25% on first day of trading in New York
Shares in social media website Pinterest soared by more than 25% when the company's stock began trading on the New York Stock Exchange.
The company had set the price for its 75 million shares at $19 (£14.56) on Wednesday evening, above its $15 to $17 target range.
The opening trade at $23.75 took scrapbooking website's market valuation to more than $12bn.
Pinterest says it has 250 million users and reported revenue of $756m (£579m) last year.
It's primary source of income is from advertisements that are placed among the "pins" or posts on the social media website.
The IPO was underwritten by a 12-member team comprising of bankers from Goldman Sachs and JP Morgan.
Its performance will be a test of the tech IPO market, following last month's disappointing debut from ride-hailing firm Lyft.
Lyft had an impressive build-up - raising more than expected when it went public - but shares have since dropped by about 30%.
Pinterest is the biggest listing of a US social media company since Snapchat's parent company made its debut in 2017. Snap's stock price has also fallen since its IPO.