Home World News Pinterest Opens IPO Application On The New York Stock Exchange


Pinterest Opens IPO Application On The New York Stock Exchange

by Ace Damon
Pinterest Opens IPO Application On The New York Stock Exchange

Pinterest prepares to start stock sale in April.

Pinterest, one of the most significant market photo applications, would already be preparing to launch its initial public offering (IPO) in April.

Unlike most companies with this profile, shares would be traded on the New York Stock Exchange (NYSE) instead of Nasdaq.

The initial offer documentation should be published this Friday (22), and the company expects to raise $ 12 billion ($ 45.4 billion, current price).

The company would have confidentially submitted the offer documentation to the Securities and Exchange Commission (SEC) earlier this year. In the US, the SEC equalizes the Brazilian Securities and Exchange Commission (CVM) in Brazil.

As part of the move to market expansion, Pinterest has just hired Walmart’s former CTO, Jeremy King, to lead its engineering department.

King announced his departure from the retailer on Wednesday (20), according to a memo obtained by the CNBC website.

He will now be responsible for Pinterest’s “visual discovery mechanism,” which recommends postings and images to platform users.

Before joining Walmart, he served as vice president of software development and engineering on eBay.

“Jeremy is not just a respected engineering leader, but from the moment we met him, we knew his values in putting the customer first were in line with our focus on Pinners,” said Pinterest CEO Ben Silbermann, to CNBC.

Created in 2010, Pinterest surpassed 250 million monthly active users in September 2018.

The company generates revenue from ads scattered throughout the platform.

By 2018, it earned more than $ 700 million, a 50% increase over the previous year.

Pinterest applied for IPO opening on Friday (22), which means that the company should go public on the stock exchange as early as April this year.

According to the document presented on the New York Stock Exchange, the company will be shown under the umbrella of PINS, and the entire process will be led by Goldman Sachs, JPMorgan, and Allen & Company.

The company put itself in the IPO as a research company and productivity dreams, without effectively mentioning social networks, such as its competitors Facebook, Twitter, and Instagram, when they participated in the same process.

On the upside, Pinterest closed 2018 with revenues of $ 755.9 million, up 60% compared to 2017 at $ 472.9 million.

Still, the platform reported net losses of $ 63 million last year, nearly half of the $ 130 of 2017.

Another fact that can help the company leverage its business is that the social network has 250 million active users per month and a strong female presence, with two-thirds of the total.

The company positions itself as the “platform of the mothers”, being that “eight out of 10”.

Still, 43% of US Internet users have a profile on the social network.

Among investors, Pinterest already has names like Bessemer Venture Partners, FirstMark, Andreessen Horowitz, Fidelity and Valiant, all with more than 5% of the platform.

Pinterest is currently a social network that gathers information on wellness, style, and health. The site gathers recipes, decorating tips and even a product sales platform.



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