According to a report from the Wall Street Journal, the social media website, Pinterest has confidentially filed for an initial public offering with the Securities and Exchange Commission. The news came out on Thursday, according to which the company is seeking a valuation of at least $12 billion over its IPO.
Pinterest plans to go for the IPO in the month of June this year, for that it has hired Goldman Sachs Group Inc and JPMorgan Chase & Co, as the lead underwriters, although the company has denied commenting over this matter.
Pinterest is one of the largest, still-private, companies and the Unicorns of Silicon Valley, that had also raised $150 million in a private funding round in 2017. A few months ago the CEO of the company Ben Silbermann had also announced in a statement that the company was planning to go public in April 2019. But due to the economic slowdown, like few other companies, the IPO has delayed to June.
In the last September, it was estimated that the San Francisco based company caters to over 250 million through the company’s website and mobile app. The users use Pinterest as a bulletin board where they pin the things of their interest. The app is also used as an e-commerce platform to sell products and services. The company itself earns profits from marketing and advertisements. In 2018, the recorded revenue of the company was more than $700 million.
The news of the company going public can be an after effect of the other tech giants like Slack, Uber and Lyft filing for their IPO, even though the company has still maintained confidentiality over this topic. Under the JOBS Act of 2012, a few companies with annual revenue less than $1 billion can file for IPO confidentially, such that they could raise capital before the before releasing detailed financial information.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.