- Pinterest is in the process of talking to bankers as it seeks to choose underwriters for an early 2019 IPO, The Wall Street Journal reported.
- The report comes on the heels of Pinterest hiring former Google and Alibaba exec Jane Penner as its head of investor relations, Business Insider first reported last week.
Pinterest is gearing up for an initial public offering as early as April 2019 and is in the process of talking to bankers as it seeks to choose its underwriters, The Wall Street Journal reported.
The company could be valued at more than $US12 billion, sources told the Journal. That’s also the level at which Pinterest most recently raised funding.
Pinterest has also contacted a number of banks for a credit line that could come in at around $US500 million, according to the Journal.
Companies typically reach out to banks for lending in the run-up to an IPO to incentivise them to land a role on the offering. They also hire investor-relations executives a few months before going public.
Pinterest is poised to double its revenue this year to more than $US700 million, according to The New York Times, and has a valuation of $US13 billion to $US15 billion. In September, it announced it had 250 million monthly users, up from 200 million a year before.
2019 is expected to be a banner year for initial public offerings, with a roster of hopefuls including Uber, Lyft, Slack, and Airbnb.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.