Pinterest plans to set a price range for its initial public offering that will value it at below the $12 billion that private investors last pegged the company at, according to a person with knowledge of the situation.

The digital pin board company is preparing to put out a filing on Monday with the price range for its I.P.O., said the person, who declined to be identified because the details are confidential. Pinterest, which was valued at $12 billion in 2017 by venture capitalists and other private investors, is part of a horde of high-profile but unprofitable tech start-ups that are now moving toward the public market.

A stock market valuation of less than $12 billion for Pinterest raises questions about investor demand for these companies. Lyft, the ride-hailing company that is deeply unprofitable, went public last month amid a great deal of hype -- until its shares promptly fell below its offering price on its second day of trading. The stock has since recovered.

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