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Image sharing website Pinterest files for IPO

FILE PHOTO: Pinterest banner hangs on the facade of the New York Stock Exchange (NYSE) in New York City, united states, September 22, 2017. REUTERS/Brendan McDermid

(Reuters) – Pinterest Inc., the owner of the image search site known for the food and fashion photos that its users post, filed for an initial public offering of the U.S. regulators on Friday, looking to tap into a red-hot market for new stock offers.

The company, which plans to list under the symbol “PINS” on the New York Stock Exchange, set a placeholder for an amount of $100 million to give to the size of the IPO. The final size change. Reuters reported earlier can increase up to $1.5 billion in the IPO.

The filing comes a day after jeans maker Levi Strauss & Co. ‘s blockbuster debut, and the future of the ride-hailing service providers, Lyft Inc. and Uber’s long-awaited offers.

Pinterest said its annual revenue in 2018 was $755.9 million, an increase of 60 percent compared to 2017. It reported a net loss of $62.97 million, compared with a net loss of $130 million euros a year earlier.

Pinterest was valued at $12 billion in the last fundraising round in 2017. The company said in the filing on Friday that it had reached more than 250 million monthly active users, two-thirds of them are women.

Goldman Sachs and JP Morgan are the lead underwriters on the IPO.

Reporting by Diptendu Lahiri in Bengaluru and Liana B. Baker in New York; Editing by Sriraj Kalluvila

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