Pinterest, which lets its users pin photos on everything from fashions to food on its pages, confirmed it is moving forward with its initial public offering plans.
The late stage startup has hired investment bankers Goldman Sachs and J. P. Morgan Chase to lead the IPO, according to Reuters, who first reported the story.
Pinterest hopes to raise approximately $1.5 billion from the IPO, mainly in the first six months of the initial launch. The exact date of the launch, as well as which market (NYSE or NASDAQ) it will trade at and its ticker symbol have yet to be determined. The Securities and Exchange Commission must review the IPO filling, and that may be slowed down due to the recent government shutdown.
Pintrest launched in 2008 as a more photo friendly alternative to then popular social sites like Facebook and Twitter. The San Francisco based company has attained 250 million users since then. It’s valued at $12 billion in its last fundraising haul in 2017.