The San Francisco-based company Pinterest, the photo-bookmarking site, filed paperwork on Friday with the US Securities and Exchange Commission for an initial public offering, as they will be listed on the New York Stock Exchange using the ticker symbol PINS.
Pinterest allows people to search for and “pin” images as inspiration for fashion, interior design, travel and more. It was last valued at $12.3 billion in 2017, according to PitchBook Data. Pinterest makes advertising revenue when businesses promote pins in users’ feeds. The company says it generated more than $755 million in revenue and had a net loss of $63 million in 2018. It joins other companies expected to issue initial public offerings this year, including Airbnb, Uber and Slack. The company hasn’t yet said how many shares it’s selling in the IPO or how much money it intends to raise.
Pinterest was founded in 2010 by Ben Silbermann and Evan Sharp, who still serve as CEO and chief product officer. They had already become among the world's youngest billionaires. Pinterest will create two classes of stock: one that will give the holder one vote per share, and another that will get 20 votes per share. Pinterest reached 100 million monthly active users in September 2015. Some investors have predicted that Pinterest's revenues will surpass those of giants like Twitter and Facebook.