Pinterest sets sites on $1.5bn in first public share offering

USA- Scenes of Pinterest Headquarters in San Francisco

USA- Scenes of Pinterest Headquarters in San Francisco

That's according to a filing the company made with the Securities and Exchange Commission, reports CNBC.

An interesting note is that Pinterest in their last round of private funding in 2017 was valued at roughly $12 billion, and since then their finances have only improved, with lower net losses and revenue growth of 60%.

Pinterest is the second of a herd of "unicorns" - private companies valued at over $1bn - now stampeding to list on the United States stock markets.

Reuters had reported in January Pinterest, which plans to list under the symbol "PINS" on the New York Stock Exchange, could raise around $1.5 billion and that the IPO was likely to come in the first six months of 2019. Its larger rival, Uber, lost $1.8bn a year ago and WeWork, the office rental company, lost $1.9bn. Lyft's shares slipped below their IPO price on the second day after its debut as analysts did not see a clear path to profitability.

That, at the higher end, could put the value of the company at around $9 billion.

Several other unicorn startups, including Uber, Slack and Postmates, are also set to debut this year.

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Pinterest, which launched in 2010, claims more than 250 million active monthly users and more than 2bn monthly searches.

Pinterest, which allows people to search for and "pin" images online that interest them, is the latest in a group of unprofitable technology businesses hoping to list on the public market.

Pinterest has long shunned the label of being a social network. That means it's avoided the privacy tangles that have ensnared companies like Facebook. According to its filing, the company posted $766 million in sales last year with revenue growing at more than 50 percent annually in recent years. It had a loss of $63 million in 2018, compared with a loss of $130 million in 2017.

The company has been working on developing its artificial intelligence search, which allows people to take a photo or upload a screenshot of an item and find similar products on Pinterest.

Pinterest's stock will list on the NY stock exchange under the "Pins" ticker symbol.

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