Pinterest released its S-1 filings on Monday for its initial public offering. The image sharing company plans to value its stock price between USD 15 to USD 17 per share, valuing the Company at approximately USD 9 Billion.
Pinterest is a social media platform that allows users to upload or “pin” images about content such as motivation, food recipes, and fashion. Pinterest reported that is has around 250 million active monthly users and over 175 billion “pins” saved.
According to the filing, Pinterest plans to sell up to 75 million shares. At the upper target range, the Company would raise USD 1.3 Billion in net proceeds and see a valuation just under USD 9 Billion, based on an outstanding share count of 529 million shares.
Pinterest is expected to list under the symbol “PINS” on the New York Stock Exchange.
CNBC reported last year that Pinterest was valued at approximately USD 12 Billion in its last funding round in 2017. Since then, reports note that Pinterest has fallen by nearly USD 3 Billion in valuation.
Pinterest reported revenue of USD 756 Million in 2016, according to its filings. Revenue grew by 60% year-over-year, but still reported a net loss of USD 63 Million that year.
Lyft launched its IPO just a week ago before Pinterest released its filings. Lyft was among the several tech IPOs expected to launch this year. The riding hailing service listed its stock at USD 72 per share on the Nasdaq Exchange, before shares rose to USD 83 per share.
Lyft struggled to maintain its IPO opening price. Shares fell as low as USD 67 per share just a few days after its IPO. Following Pinterest’s S-1 filing release, Lyft shares were sitting at USD 72.83 per share.