/Pinterest IPO Plans Shift Into High Gear With Filing

Pinterest IPO Plans Shift Into High Gear With Filing

Pinterest on Friday filed for an initial public offering with the Securities and Exchange Commission, following a number of other major companies forging ahead with plans to go public.

Also filing with the SEC on Friday for its IPO is Zoom Video Communications, a provider of videoconferencing software and services.

Pinterest filed its S-1 prospectus with the SEC, which shows that revenue in 2018 reached $755.9 million, up 60% from the year-ago period, with a net loss of $63 million. It ended the year with 265 million monthly active users, up from 250 million in September.

The Pinterest IPO filing said it seeks to raise $100 million, but that is considered a placeholder for what is expected to be a much larger offering. It plans to list on the New York Stock Exchange under the ticker PINS.

Private market investors have valued Pinterest at $12 billion.

Following Lyft, Uber IPO Plans

The Pinterest and Zoom IPO filings follow similar plans of Lyft and Uber Technologies that are coming up.

Lyft will price its IPO Thursday and begin trading Friday. The Uber IPO is expected in April

San Francisco-based Pinterest is a website where users post photos, charts and other images covering a wide range of categories and interests. The postings are called pins, hence the company name. Its main source of revenue is advertising.

“Pinterest is where more than 250 million people around the world go to get inspiration for their lives,” Pinterest said in its filing. “They come to discover ideas for just about anything you can imagine: daily activities like cooking dinner or deciding what to wear, major commitments like remodeling a house or training for a marathon, ongoing passions like fly fishing or fashion and milestone events like planning a wedding or a dream vacation.”

Pinterest IPO Underwriters

The lead underwriters for the Pinterest IPO are Goldman Sachs, JPMorgan and Allen & Co. The underwriters for the Zoom IPO are Morgan Stanley, JP Morgan and Goldman Sachs.

According to the Zoom regulatory filing, revenue for the 12-month period ended Jan. 31 rose 118% from the year-ago period to $330.5 million. It showed net profit of $7.6 million.

“We provide a video-first communications platform that delivers happiness and fundamentally changes how people interact,” the Zoom filing said. “We connect people through frictionless video, voice, chat and content sharing and enable face-to-face video experiences for thousands of people in a single meeting across disparate devices and locations.”

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets


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