Pinterest, a US-based social media and commerce company backed by e-commerce firm Rakuten, has confidentially filed for an initial public offering expected to occur by late June 2019, the Wall Street Journal reported yesterday.
The company is targeting a valuation of at least $12bn and has hired investment banks Goldman Sachs and JPMorgan Chase as lead underwriters. The filing follows reports in December 2018 claiming Pinterest could go public as early as April.
Founded in 2010, Pinterest operates a social media network that enables users to organise and share photographs from across the web, and purchase items shown in images. The company had more than 250 million monthly active users as of September 2018.
Pinterest primarily generates revenue through adverts across its platform, and reportedly brought in more than $700m in 2018, an increase of 50% over the previous year.
The company has collected $1.25bn in funding to date and was valued at $12.3bn in 2017 when it raised $150m from unnamed existing backers.
Rakuten has been an investor in Pinterest since 2012, when it led a $100m round that also featured Bessemer Venture Partners (BVP), FirstMark Capital, Andreessen Horowitz and assorted private investors.
Goldman Sachs is also a company shareholder, having contributed to a $553m series G round closed in 2015 alongside BVP, FirstMark, Andreessen Horowitz, Fidelity Investments, Wellington Management Company, SV Angel and Valiant Capital Management.
