Digital scrapbook Pinterest has filed for an initial public offering of stock, joining what should be a busy IPO season for tech stocks. Pinterest is a big site for so-called influencers, who use it to tout fashion, interior design, and travel tips, among other topics.
Pinterest said Friday it will list on the New York Stock Exchange using the ticker symbol “PINS.” The filing has not said how much the company seeks tor raise or the number of shares available. Based in San Francisco, Pinterest claimed revenue of $756 million last year, up 60 percent from 2017, but that amounted to a lost of $63 million. However, the loss was down from the massive $130 million in losses from 2017.
The company has raised $1.5 million from prior investors has a valuation of $12.3 billion, according to PitchBook Data, Pinterest claims 250 million users explore the site each month. Pinterest’s main source of revenue is advertising by businesses that promote pins to users searching for particular items or experiences.
The company was founded by CEO Ben Silbermann and chief product officer Evan Sharp in 2010.