February 21, 2019 / 9:29 PM / 4 months ago

Pinterest confidentially files for IPO: WSJ

FILE PHOTO: A Pinterest banner hangs on the facade of the New York Stock Exchange, (NYSE) during the morning rush in the financial district in New York City, U.S., February 9, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) - Online image search site Pinterest Inc has confidentially filed with the Securities and Exchange Commission for an initial public offering, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company and its underwriters, led by Goldman Sachs Group Inc and JPMorgan Chase & Co are planning for a late-June listing and is seeking a valuation of at least $12 billion, the newspaper reported.

Pinterest could raise around $1.5 billion in the IPO, Reuters had reported in January, citing sources.

The company, which was valued at $12 billion in its last fundraising round in 2017, is among a host of technology startups with popular consumer brands gearing up for multi-billion IPOs in 2019, including Uber, Lyft, AirBnB and Slack.

Pinterest monetizes its website through advertisements, which it places among the “pins” that users put on the site.

The San Francisco-based company has grown rapidly since its founding in 2008, boasting 250 million monthly active users last September.

Pinterest told Reuters it did not comment on market rumors.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shounak Dasgupta

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