Pinterest Inc. has sped up the timing of its initial public offering as the image-search company looks to tap into a red-hot market for new issues, according to people familiar with the matter.
The startup, which submitted its IPO paperwork confidentially with the Securities and Exchange Commission earlier this year, is preparing to make the filing public as early as Friday and list its shares on the New York Stock Exchange in mid-April, the people said. The timing of the filing and subsequent listing are fluid and could slip, one of the people cautioned.
Pinterest, last valued privately at about $12 billion, is racing to debut as the IPO market gains momentum, the people said. On Thursday, shares of Levi Strauss & Co. LEVI, +31.82% roared ahead in their debut after the jeans maker priced the stock above its targeted range. The shares closed at $22.41, up 31.8%, for the third-biggest first-day jump for a big, non-technology IPO since 2015, according to Dealogic.
Meanwhile, Lyft Inc. is marketing its shares to potential investors and plans to list them next week. The ride-hailing company is seeking a valuation of between $21 billion and $23 billion. With other major Silicon Valley startups like Uber Technologies Inc. and workplace-messaging provider Slack Technologies Inc. planning listings, 2019 could set records for IPO activity, bankers say.
An expanded version of this report appears on WSJ.com.
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