Pinterest files to go public
Pinterest disclosed its intention Friday to go public on the New York Stock Exchange, joining a slew of companies looking to capitalize on a booming IPO market.
The social media company, which allows users to “pin” posts based on their interests, said in a S-1 filing that it will trade under the stock ticker “PINS.” Pinterest will offer two classes of stock at its opening, with Class A shareholders receiving one vote per share and Class B shareholders receiving 20 votes per share.
Pinterest initially submitted its IPO plans confidentially. The company could go public by as early as mid-April, though the timeline is subject to change, the Wall Street Journal reported.
Pinterest said it had more than 250 million monthly active users as of December 2018 and more than $750 million in revenue in fiscal 2018. Global average revenue per user was $3.14, up 25 percent compared to the same period one year ago. The company generated a net loss of $63 million last year.
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The filing was made public one day after jeans maker Levi Strauss returned to public markets, with shares rising more than 30 percent in its first day of trading. Ride-sharing companies Uber and Lyft are also preparing to go public this year.