Pinterest offers 75 million shares through its IPO. After this proposal, the company valuation will be at $10.6B vs previous valuation of $12.3B
Earlier, Reuters had reported that Image search social media platform Pinterest list itself on the New York Stock Exchange under the symbol “PINS”.
The company, which owns the image search website known for the food and fashion photos that its users post, reported annual revenue of $755.9 million in 2018, up 60 percent from a year earlier.
But it remains unprofitable even though its net loss narrowed to $62.97 million in 2018 from $130 million a year earlier.
Pinterest would join a bevy of high-profile companies that went public, including Lyft Inc and Levi Strauss. Ride-hailing company Uber Technologies Inc is also expected to kick off its IPO this month, according to sources.
Profitability has been a key theme for companies that have gone public since the start of the year. 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.