Pinterest Inc. has confidentially filed its initial public offering paperwork with the U.S. Securities and Exchange Commission, according to an unconfirmed report published today.

The Wall Street Journal, citing people familiar with the matter, said today the company is looking at a float in June on a valuation of at least $12 billion. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are said to be underwriting the offering.

Reports that Pinterest was considering a public offering first emerged in December.

A $12 billion valuation would be on the low side for the company given that it was valued at $11 billion when it raised $367 million in 2015, then $12.3 billion when it raised $150 million in June 2017.

Founded in 2009, Pinterest pitches itself as a “visual bookmarking tool for saving and discovering creative ideas.” Although it’s still at its core a bookmarking and scrapbooking site, the company has morphed overtime to become more of a social network.

It’s not on the same level as Facebook Inc., but Pinterest has carved out a strong following among women in particular with monthly active users coming in at 250 million as as of September. Whether it’s profitable is unknown, but it’s believed Pinterest booked $750 million in revenue last year.

If the report is true, Pinterest would add to a growing list of Silicon Valley unicorns preparing to go public this year.

It was reported yesterday that Lyft Inc. could be going public as soon as the end of March while rival Uber Technologies Inc. will not be far behind it. Slack Technologies Inc. confirmed that it had filed its IPO paperwork Feb. 4, though for a direct listing. Postmates Inc., Zoom Video Communications Inc. and PagerDuty Inc. are also lining up to go public.

The Lyft and Uber IPOs will test investor interest in unprofitable companies that are playing a long game through high growth, but Pinterest stands out for being an old-school advertising-supported business.

“Pinterest has a strong argument to make as an advertising platform because of its visual nature and the aspirational way in which users engage,” eMarketer analyst Andrew Lipsman wrote in an email. “Ultimately, it will have to prove that its ads are effective in building brands and driving commerce.”

Pinterest has raised $1.5 billion. Investors include Founders Future, All Blue Capital, Sinai Ventures, blisce/, Bessemer Venture Partners, SV Angel, FirstMark, Valiant Capital Partners, Wellington Management and Andreessen Horowitz.

Photo: jeepersmedia/Flickr