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Pinterest files for IPO | venture



(19459003) Reuters ) – Pinterest, the owner of the image search website known for the food and fashion photos posted by the users, submitted for an initial public offering with US regulators on Friday, who want to tap a red-haired new stock rate market .

The submission comes one day after the jeans maker Levi & # 39; s blockbuster debut, and riding service providers Lyft and Uber are set to pursue highly anticipated listings. Investors predict 2019 may be one of the most active years ever for technical IPOs.

Pinterest, planning to list under the symbol "PINS" on the New York Stock Exchange, sets a $ 100 million placeholder to indicate the size of the IPO. The final size will change.

Reuters reported in January Pinterest could raise about $ 1

.5 billion and that IPO is likely to come in the first half of 2019.

The company was valued at $ 12 billion in its last round of fundraising in 2017.

The San Francisco -based company has grown rapidly since it was founded in 2008, focusing on reaching over 250 million monthly active users, two-thirds of whom are women.

Pinterest said it was Annual sales in 2018 was $ 755.9 million, an increase of 60 percent compared to 2017. Nevertheless, it is unprofitable with a net loss of $ 62.97 million, decreasing from a net loss of $ 130 million dollar the year before.

Like Lyft, Pinterest plans to go public with a double class stock structure to concentrate voting rights with Series B shareholders, including co-founder, CEO and CEO Benjamin Silbermann.

Pinterest said that B shares will automatically covert in ordinary shares seven years after the IPO. This conversion will not take effect if these shareholders in series B continue to hold at least 50 per cent of their shares held at the time of the listing.

This follows a trading group representing the highest US pension funds and the trustees demanding stock exchanges require companies to go public with unequal voting classes to plan to equalize them within seven years.

Investors who focus on corporate governance have criticized double-class stock structures after having similar Snapchat parent Snap Inc and milk package manufacturers Blue Apron Holdings Inc publicly followed with little or no voting for some investors.

Goldman Sachs and JP Morgan are leading insurers on Pinterest IPO.


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