Pinterest, the social media web and mobile application company that operates a software system designed to discover information on the World Wide Web, mainly using images and, on a smaller scale, GIFs and videos, hired Goldman Sachs and JPMorgan to lead its Initial Public Offering (IPO).
Pinterest has been planning for an IPO later this year. The company’s preparation for its IPO comes at a time when social media company’s like Facebook and Twitter is on the edge of privacy, security and misinformation concerns.
Founded in 2008, the San Francisco-based company has rapidly grown. Pinterest was already valued at $12 billion in its fundraising in 2017 and could raise around $1.5 billion in the IPO.
Pinterest’s users can upload, save, sort, and manage image – known as pins – and other media content through collections. it is a free website but requires registration to use. they also have Pinterest pages for business where people get ideas from businesses to figure out what to do or buy next.
Pinterest monetizes its website through advertisement, which places among “pins” that users put on site. Perhaps, more than 80 percent of people access the service via its mobile app. CEO and Co-Founder of Pinterest Ben Silbermann summarized the company as “catalog of ideas”.
Goldman Sachs, JPMorgan, as well as Pinterest has not yet commented on the said event.