Pinterest is the owner of the image search website. It is known for users posting photos of food and fashion. On Friday, it has filed for an IPO or an Initial Public Offering with the regulators of the United States. Through this, Pinterest is trying to tap into an absolutely booming market for new offerings related to stock. This filing has come up just a day after the maker of Jeans, Levi’s managed to make a grand debut. Moreover, providers of ride-hailing service like Uber and Lift are all set to go for the listings, which are highly anticipated. Investors are in with the anticipations that the year 2019 could well be one of the most active years even for the Initial Public Offerings of tech companies.
Pinterest plans to get listed on the New York Stock Exchange, under the symbol PINS. They have set up a placeholder amount of $100 million to provide an indication regarding the size of the IPO. The ultimate size would obviously change. In the month of January, Reuters had reported that Pinterest might well raise close to $1.5 billion. In the year 2017, during the last round of funding, the company was valued at $12 billion. Since its inception back in the year 2008, the company based in San Francisco has grown at a rapid pace.
Just like Lift, Pinterest intends to go public with a share structure of dual-class, so as to focus on voting power with Class B shareholders. They include the co-founder, President, and CEO Benjamin Silber Mann. The company said that Class B shares would automatically convert into common shares after seven years since the IPO. This particular conversion will not occur if these Class B shareholders keep on continuing around 50 percent of the shares hold during the time of the IPO.
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