Pinterest Joins Wave of Upcoming Unicorn IPOs With Filing





(Bloomberg) -- Image search site Pinterest Inc. filed for an initial public offering amid a burst of activity among soon-to-list technology-related companies in the U.S.

Pinterest plans to list its shares as soon as April, a person familiar with the matter said Thursday.

The San Francisco-based company filed Friday with an initial offering size of $100 million, 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 $1.5 billion in an IPO valuing it at at $12 billion or more, people familiar with the matter have said.

The share sale will be led by banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Allen & Co., according to the filing Friday. It applied to list on the New York Stock Exchange under the ticker PINS. Pinterest will have a dual-class structure, with its Class B shares carrying the voting rights of 20 ordinary shares.

The company raised $150 million in a private funding round in 2017 for a total valuation of about $12.3 billion. Pinterest confidentially shared its IPO plans with the Securities and Exchange Commission earlier this year.

'Significant Growth'

Pinterest has experienced "significant growth" in users and monetization over the last several years, it said in the filing. It also said it has grown quickly in international markets by localizing content.

The company said it lost $63 million on revenue of $756 million in 2018, compared with a loss of $130 million on $473 million in 2017.

Founded in 2010, Pinterest is among the longest-lived of Silicon Valley's unicorns -- startups with a valuation of more than $1 billion -- that are lining up to go public this year or soon after.

Lyft Inc.'s IPO, in which it is seeking to raise $2.1 billion, is set for March 28. Its larger ride-sharing rival, Uber Technologies Inc., is expected to submit its public filing in April for an IPO on the NYSE that could value it at as much as $120 billion, people familiar with the matter have said.

Other tech and app-driven companies that are considering listing this year include food delivery company Postmates Inc. and Slack Technologies Inc.

(Updates with company's growth in sixth paragraph.)

--With assistance from Selina Wang and Alistair Barr.

To contact the reporter on this story: Olivia Zaleski in San Francisco at ozaleski@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha, Matthew Monks

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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