Pinterest announces plans to go public

Pinterest has announced plans to launch an initial public offering (IPO) on the New York Stock Exchange, marking the latest social media company to go public.

The picture sharing platform announced its plans to launch an IPO on Friday, but is yet to reveal how much money it plans to raise.

Launched in 2010, Pinterest works by allowing its users to create “boards” of curated images expressing their personal interests, through which retailers can attempt to sell them products.

READ MORE: Pinterest latest social media platform to expand shopping options

Like its social media rivals Instagram and Facebook, Pinterest has been attempting to push further into the ecommerce sphere over the past few years, updating its platform to make it easier for both sellers to advertise their wares and potential customers to find them.

In October last year it introduced “shopping pins” on images, which allow users to link directly to a retailer’s website, reportedly leading to a 40 per cent rise in click throughs.

Its advertising revenues are understood to have earned it $750 million last year, helping it cut its losses from around $200 million in 2016 to just $75 million.

It currently boasts 250 million monthly active users and more than 4 billion boards.

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