The valuation is a sign of strength for the tech IPO market after ride-hailing start-up Lyft’s struggles

Pinterest Inc’s initial public offering set the online scrapbook company’s valuation at $12.7bn on Wednesday, above its expectations and a sign of strength for the tech IPO market after Lyft Inc’s struggles.

Pinterest, where users save ideas for clothes, décor and recipes, is due to start trading on the New York Stock Exchange on Thursday. Its performance will be a key test of the tech IPO market after the Nasdaq debut of ride-hailing start-up Lyft at the end of last month.

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Read More Pinterest’s IPO sets company value at .7bn amid flurry of tech debuts

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