Pinterest files for an IPO and could be worth nearly $12 billion

Still, that is less than some recent private valuations of the company.

The IPO by Pinterest would follow the recent public offering by car service Lyft (LYFT). Several other privately held start-ups worth at least $1 billion are also preparing offerings later this year, including Uber, Slack and Postmates.

Pinterest plans to sell 86.3 million shares as part of its initial offering, which would raise between $1.3 billion to $1.5 billion.

Pinterest is a social media platform that lets people bookmark or "pin" images ranging from recipes to home designs. It says that it has 250 million active monthly users. It has more than 175 billion "pins" saved.

The company posted $766 million in sales last year. Revenue is growing at more than 50% annually in recent years. But like many other start-ups planning IPOs, it has never reported a profit. It lost $63 million last year, though that was smaller than earlier annual losses.

Lyft (LYFT) went public on March 29 with an IPO price of $72, but it has struggled to remain above that price many days since the first trade. It's relative weak early performance may have put a damper on the initial pricing range offered by Pinterest.

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