Pinterest Inc., which operates one of the largest independent social media platforms, filed for an initial public offering with federal regulators Friday. The company proposed a max aggregate offering of $100 million.
Pinterest, which was founded in 2010, has shown significant growth over the past few years, according to its filing. It generated $756 million in revenue in 2018, which was a 60% increase from the $473 million it earned in the previous year.
The company, while still turning a loss each year since it began monetizing its platform in 2014, reported a loss of just $63 million this past year compared to the $130 million it lost in 2017. Pinterest did post a profit of $47 million in its most recent quarter.
Advertising is the main revenue driver for the company and should continue to increase if the company can sustain its rapidly growing user base. Pinterests' average monthly users have increased almost every quarter over the past three years, rising from 128 million to 265 million in 2018, according to its filing.
The company relies heavily on Amazon Web Services for its cloud infrastructure, despite citing Amazon (AMZN - Get Report) as one of its main competitors. Pinterest does not seem to be entertaining the idea of switching from the FAANG giant.
"Any transition of the cloud services currently provided by AWS to another cloud services provider would be difficult to implement and would cause us to incur significant time and expense and could disrupt or degrade our ability to deliver our products and services," Pinterest said in the filing.
Pinterest declined to provide any information regarding the number of shares it wants to sell or the stock price range, but the company has a bevy of Wall Street investment firms as underwriters for the stock led by J.P. Morgan (JPM - Get Report) , Goldman Sachs & Co. LLC (GS - Get Report) and Allen & Co. LLC.
The company will trade on the New York Stock Exchange under the symbol PINS, according to the filing.
Will You Have Enough Money to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.