Digital scrapbooking site Pinterest files for IPO

The New York Stock Exchange has become the exchange of choice over Nasdaq for big technology companies in the past few years after Nasdaq famously bumbled the Facebook initial public offering with massive technology errors

A Pinterest banner hangs on the facade of the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2017.

NASDAQ did score the IPO of ride hailing firm Lyft Inc, which could reach or exceed a $23 billion valuation when it prices its shares March 28.

Pinterest applied to list on the New York Stock Exchange under the ticker "PINS". The final size will change. Lyft will be the first internet player to kick off a string of hotly anticipated public debuts that will energize the IPO market after a quiet start to the year. The company generated a net loss of $63 million previous year. This conversion will not take effect if these Class B stockholders continue to own at least 50 percent of their shares held at the time of the IPO.

If industry analysts are to be believed, an advantage quite big for Uber's new relations with the NYSE is that the company's current board member John Thain, had served as the Chief Executive Officer at NYSE from 2004 to 2007, and Uber's present Chief Financial Officer Nelson Chai was formerly the NYSE finance chief. Pinterest will likely use a dual-class stock system that will give early investors more votes on their shares, according to the report. Its larger ride-sharing rival, Uber Technologies, is expected to submit its public filing next month for an IPO that could value it at as much as $120bn, people familiar with the matter have said.

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