Pinterest is eyeing a valuation of up to $9 billion when it debuts on public exchanges this spring.
That's something of a discount from the company's most recent valuation on the private markets, but nonetheless keeps Pinterest in the same neighborhood as other major tech companies with plans for an initial public offering this year.
The image-sharing social network said in a regulatory filing Monday it plans to sell 75 million shares at $15 to $17 per share. At the upper end of its target range, the company would raise $1.3 billion in net proceeds and see a valuation of just under $9 billion, based on an outstanding share count of 529 million shares at the time of the offering.
Lyft was the first out of the gates in a heavyweight class of tech IPOs. The company raised $2.3 billion in its offering but has seen a rocky start to trading. Uber, Slack, and Postmates have all filed IPO plans for this year.
Pinterest was valued at $12 billion in its last fundraising round in 2017. CNBC reported last year the company was nearing $1 billion in ad revenue.
The company reported $756 million in 2018 revenue in its IPO prospectus. Revenue grew 60% year over year, but still made for a net loss of $63 million.
Pinterest will list under the symbol "PINS" on the New York Stock Exchange. The company will go public with a dual-class share structure to concentrate voting power with Class B shareholders, which include co-founder and CEO Benjamin Silbermann.
—Reuters contributed to this report.
