Nine-year-old Pinterest is gearing up for its public market debut.
The San Francisco-based startup known for its virtual bulletin board has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering, The Wall Street Journal reports. The company is looking to raise at least $12 billion in a late-June IPO, according to the report. It is the latest unicorn startup planning to join the public markets this year, alongside ride-hailing companies Lyft and Uber, both of which filed confidential IPO documents last December.
Pinterest CEO Ben Silbermann co-founded the company alongside Evan Sharp and Paul Sciarra in 2010. The trio launched the business to help people share and discover images of things they enjoy. Silbermann brought tech experience from a brief stint at Google while Sharp, whose background is in architecture, contributed to the product design. Sciarra, who attended Yale with Silbermann, left the company in 2012 to become an entrepreneur-in-residence at venture capital firm Andreessen Horowitz.
Pinterest's 250 million monthly users post everything from inspiration for dream weddings and interior design ideas to food recipes. While the company is frequently lumped in with social media companies like Facebook and Twitter, Pinterest has sought to distinguish itself as a "visual discovery engine" rather than a social network.
"For a long time, we had this complex where I thought I really need to make [Pinterest] as much like the iconic companies as possible," CEO Silbermann told attendees at a dinner last April organized by VC firm Village Global. "I would've earlier celebrated the things that made our company weird, because those ended up actually being the things that make it special and successful."
Pinterest, which has raised roughly $1.5 billion in funding to date, raked in more than $700 million in revenue in 2018, according to the WSJ. The company hired JPMorgan Chase and Goldman Sachs as its underwriters.