Online image search company Pinterest Inc. filed for an initial public offering of up to $100.0 million of its class A common stock.
The San Francisco-based company applied to list its class A common stock on the New York Stock Exchange under the symbol PINS but has not yet specified the number of shares or price range for the IPO.
Following this offering, the company said it will have two classes of common stock: class A common stock and class B common stock. The rights of the holders of class A common stock and class B common stock will be identical, except with respect to voting, conversion and transfer rights.
Pinterest intends to use the net proceeds for general corporate purposes, including working capital and operating expenses. The company may also use some portion of the proceeds to acquire or invest in businesses, products, services or technologies.
Pinterest generated $755.9 million in revenue in 2018, up from $472.9 million in 2017. The company's 2018 net loss narrowed to $63 million, or 17 cents per share, from $130 million, or 34 cents per share, a year ago. The company had 265 million monthly active users in fourth quarter 2018.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Allen & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. RBC Capital Markets LLC, Robert W. Baird & Co. Inc., UBS Securities LLC and Wells Fargo Securities LLC are serving as underwriters for the offering.