Pinterest set a price range for its initial public offering Monday that will value the company below its last private-market peg of $12 billion.

In an updated prospectus, the digital pin board company said that it planned to price its offering at $15 to $17 a share. At the high end of that range, the business would be valued at about $11.3 billion, accounting for stock options and restricted stock.

Pinterest, valued at $12 billion in 2017 by venture capitalists and other private investors, is part of a horde of high-profile but unprofitable tech startups 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 much hype — until its shares fell below its offering price on its second day of trading. The stock has recovered.

How Lyft and Pinterest perform in their public debuts will be critical in the lead-up to the public offering of Uber, the largest of this generation of tech startups. Uber is expected to go public in the next few months at a valuation of around $120 billion, in what would be the biggest offering by a U.S. company.

Pinterest’s filing on Monday will coincide with the beginning of the company’s road show, during which it plans to pitch institutional investors before its final pricing and first day of trading. High demand from investors could lead the company to raise the price of its shares. Private investors have poured $1.5 billion into Pinterest. A market debut below $12 billion would spell a loss for some.

Like its peers, Pinterest loses money. But the company, which generates revenue from advertising, is burning less cash than Lyft or Uber. In March, Pinterest revealed it lost $63 million on revenue of $756 million in 2018. Pinterest is also growing quickly, reporting a 60 percent jump in revenue between 2017 and 2018.