Pinterest Inc has confidentially filed its Initial Public Offering (IPO) paperwork with the US Securities and Exchange Commission that will valuate the company at an estimated $12 billion (at least), The Wall Street Journal reported on Friday, 22 February.
Pinterest is a social media platform that is used to find information on the internet mainly via images, GIFs and videos.
This comes at a time when many tech companies are planning a stock market debut this year. The WSJ report also says that ride-hailing service providers Lyft and Uber Technologies, have both also filed confidentially for listings.
These companies had, for years, been distant from public listings but the tide has turned in the recent months as tech companies have enjoyed exceptionally huge gains in their stocks.
WSJ reports that this week, shares of US-listed technology and internet companies that went public in 2018 are up about 33 percent on average, citing data from Dealogic. This, is a big departure from the performance of all IPO’s filed in the US in 2018, which stands at 11 percent.
WSJ also said that Bankers and others have predicted 2019 to be the busiest year for IPO's in terms of the money raised.
The current benchmark year is 1999, when companies raised $107.9 billion by going public. Last year, $60.8 billion were raised.
Pinterest, along with its underwriters, is planning a late-June listing, WSJ said, citing people close to the deal. Pinterest's last round of funding valued the company at $12 billion.
Pinterest CEO Ben Silbermann has said that the company will look to debut in 2019 and The Wall Street Journal also reported in December 2018 that the company is planning to go public in April.
(With inputs from Wall Street Journal)
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