Pinterest could be working quickly to go public to capitalize on recent sky-high valuations, according to a new report.
The social media company could make its initial public offering (IPO) filing public on Friday and go public on the New York Stock Exchange in April, The Wall Street Journal is reporting, citing people who claim to have knowledge of its plans. Pinterest will likely use a dual-class stock system that will give early investors more votes on their shares, according to the report. Pinterest executives, including CEO Ben Silbermann, will have stock with voting rights that would allow them to maintain control.
Pinterest filed for its IPO confidentially in February. The expected move on Friday, which hasn’t been confirmed by the company, would make the filing public.
According to the Journal‘s sources, Pinterest is basing its decision in part on the success of recent IPO valuations. On Thursday, for instance, Levi Strauss & Co. saw its shares jump 31.8% to $22.41 in its first day of trading. Ride-hailing company Lyft surprised some investors earlier this week, when it announced an IPO price range of $62 to $68, allowing the company to raise up to $2.1 billion.
It’s unclear how much Pinterest would like to raise in its IPO. And the Journal‘s sources were quick to note that plans could change and the IPO date could be pushed back. For now, though, it appears all eyes are on mid-April.