SAN FRANCISCO — In a regulatory filing this week, Uber said it will list its shares on the New York Stock Exchange under the symbol “UBER.”
Uber Technologies has decided it will seek to sell close to $10 billion worth of stock in its initial public offering, and made public the registration of their offering. According to CNBC, an IPO of this size would make Uber one of the biggest technology IPOs of all time, and the largest since that of Chinese e-commerce giant Alibaba Group Holding in 2014.
Uber seeks a valuation between $90 billion and $100 billion, influenced by recent poor performances of smaller rival Lyft’s shares following their IPO late last month. CNBC also stated investment bankers previously told Uber it could be worth as much as $120 billion.
SAN FRANCISCO — Visual search engine Pinterest, Inc. (Pinterest) this week announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of shares of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
According to The Verge, Pinterest, which launched in 2010, generates revenue by attracting advertisers to its platform where users create boards in which they self-identify their interests. Advertisers try and sell the products that closely match user interests. According to Pinterest, more than 250 million monthly active users have created more than 4 billion boards with a cumulative 175 billion pins saved. The platform itself has processed more than 2 billion searches, many of which Pinterest attempts to visually process using machine (ML) learning-based methods like object and image recognition. Last quarter, the Pinterest rebuilt their infrastructure behind its “product pins.” This update brought to their app current pricing with stock information for all product pins to monetize their platform with new advertisers.
The Verge also reported such an influx of money could drastically shake up the Bay Area landscape by creating waves of new millionaires, a capital injection that could reshape San Francisco and, as a result, the tech industry itself due to the ripple effects it could have on new startups and investments.