Friday 18 October 2019

Pinterest joins wave of upcoming unicorn IPOs with US filing

Pinterest could raise about $1.5bn in an IPO. Photo: Getty
Pinterest could raise about $1.5bn in an IPO. Photo: Getty

Olivia Zaleski

Image search site Pinterest has filed for an initial public offering amid a burst of activity among soon-to-list technology-related companies in the US.

Pinterest, which confidentially shared its plans with the Securities and Exchange Commission earlier this year, plans to list its shares as soon as April, a person familiar with the matter said.

The San Francisco-based company filed last Friday with an initial offering size of $100m, a placeholder amount used to calculate fees that's likely to change.

While the proposed terms of the share sale won't be disclosed until a later filing, Pinterest could raise about $1.5bn (€1.3bn) in an IPO valuing it at at least $12bn, people familiar with the matter have said.

The share sale will be led by banks including Goldman Sachs Group, JPMorgan Chase and Allen & Co, according to the filing. It applied to list on the New York Stock Exchange under the ticker PINS.

The company raised $150m in a private funding round in 2017 for a total valuation of about $12.3bn. Pinterest said it had revenue of $756m for 2018, compared with $473m in 2017.

It had a loss of $63m for 2018, compared with $130m in 2017, according to the filing.

Bloomberg

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