Pinterest files for IPO on New York Stock Exchange, Latest Business News - The New Paper

Pinterest files for IPO on New York Stock Exchange

This article is more than 12 months old

SAN FRANCISCO Pinterest, the online visual discovery platform with an estimated 250 million users, filed for a public share offering on Friday, the latest of the big venture-backed start-ups to hit Wall Street.

The San Francisco-based bulletin board that connects people with interests including food, fashion, travel and lifestyle said it would trade under the symbol PINS on the New York Stock Exchange.

"Pinterest is where more than 250 million people around the world go to get inspiration for their lives," the company said in its filing with the US Securities and Exchange Commission, which is expected to seek a valuation of around US$12 billion (S$16 billion).

Documents for the initial public offering showed Pinterest lost US$63 million last year on revenue of US$755.9 million.

That compared with a loss of US$130 million on US$473 million in 2017 revenue.

Launched in 2010, Pinterest brings in money from its role in online shopping and from advertising.

It becomes the latest of the richly valued tech startups worth more than US$1 billion, sometimes called "unicorns", to hit Wall Street. - AFP