Pinterest Eyes April IPO to Capitalize on Hot Market for New Stocks

Pinterest Eyes April IPO to Capitalize on Hot Market for New Stocks

The ride-hailing app and social media platform are both reportedly considering selling their shares on the New York Stock Exchange after completing their initial public offerings this year.

The companies and the NYSE declined to comment. Reports added that the NYSE has superseded NASDAQ over the years by attracting technology giants including the Alibaba Group, Snap Inc. and Twitter Inc., since Facebook Inc.'s NASDAQ listing was afflicted by some technological malfunction about seven years ago. The exchanges compete fiercely for listing fees, and much like investment banks, often begin courting large companies long before they are ready to list.

Bloomberg first reported the Uber news on Thursday while the Wall Street Journal first reported the Pinterest news.

Pinterest monetizes its website through advertisements, which it places among the "pins" that users put on the site.

Pinterest said it had more than 250 million monthly active users as of December 2018 and more than $750 million in revenue in fiscal 2018.

The company, which confidentially shared its plans with the Securities and Exchange Commission earlier this year, could submit its public IPO filing as soon as Friday, said the person, who asked not to be identified because the details were private.

Sources familiar with the development cite that the ride-hailing major is likely to publicly file for the offering this April, which is expected to lead the company to be valued at a staggering $120 billion.

Related Articles