Pinterest, the social media platform that allows users to "pin" images or videos to their boards, is aiming for an initial public offering in 2019, according to The Wall Street Journal.
What Happened
Pinterest confidentially submitted paperwork with the Securities and Exchange Commission to list its stock on a public market at a valuation of $12 billion or more, according to WSJ.
Pinterest is among a handful of "unicorns" — private companies valued at $1 billion or more — to seek an IPO this year. Other notable names include ride-hailing companies Uber Technologies and Lyft, work collaboration tool Slack and potentially the online marketplace and hospitality platform Airbnb.
Pinterest derives revenue from advertisements across its platform, which came in at more than $700 million in 2018, up 50 percent from the prior year, according to WSJ's sources. As of September, the company surpassed the 250 million monthly active user mark.
Why It's Important
The WSJ report is consistent with public comments made by Pinterest CEO Ben Silbermann, who said in late 2018 the company is preparing to go public in 2019. As such, the IPO market for 2019 is expected to be among the biggest ever in terms of money raised.
What's Next
Pinterest reportedly hired Goldman Sachs and JPMorgan bankers to prepare for a listing in June, WSJ said. However, the timing and valuation could change over the coming months.
Related Links:
The Unicorns Most Likely To Test IPO Waters In 2019
Uber's Robust Growth Makes Up For Losses, As Company Gears Up For IPO This Year
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