Pinterest, which operates a pinboard-style social photo sharing platform, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise over $1 billion.
The company has raised almost $1.5 billion as a private company, last in 2017 at a $12.3 billion valuation. Last month, it was reported that the company would target $12 billion market cap on its IPO.
Pinterest was founded in 2010 and booked $756 million in sales for the 12 months ended December 31, 2018. The San Francisco, CA-based company plans to list on the NYSE under the symbol PINS. Goldman Sachs, J.P. Morgan, Allen & Company, BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
