Pinterest files for IPO in NYSE

Chennai: Scrapbooking site Pinterest has filed for initial public offering (IPO) of stock, pinning its future on Wall Street, said reports.

Pinterest said in its filing that it intends to list itself on the New York Stock Exchange (NYSE) using the ticker symbol ‘PINS’. The company hasn’t yet said how many shares it’s selling in the IPO or how much money it intends to raise.

The San Francisco-based company had revenue of $756 million last year, a 60 per cent bump from 2017. It had a loss of $63 million last year, compared to a loss of $130 million in 2017.

Pinterest allows people to search for and ‘pin’ images as inspiration for fashion, interior design, travel and more.

The company said it has more than 250 million users each month, and users have saved more than 175 billion pins since the site was launched.

Pinterest has raised nearly $1.5 billion in the private markets, and was last valued at $12.3 billion in 2017, according to PitchBook Data.

Pinterest has long shunned being labeled a social network. Because of that, it doesn’t push users to add friends or build connections. It also means it’s been able to avoid problems of its larger rivals like Facebook.

Pinterest makes advertising revenue when businesses promote pins in users’ feeds.

Pinterest was founded in 2010 by Ben Silbermann and Evan Sharp, who still serve as CEO and chief product officer, respectively.

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.

NT Bureau