( Reuters)– Pinterest, the owner of the image search site known for the food and fashion photos that its users publish, applied for an initial public offering with U.S. regulators on Friday, aiming to take advantage of a red-hot market for brand-new stock offerings

The filing comes a day after denims maker Levi’s hit debut, and ride-hailing company Lyft and Uber are set to pursue much-anticipated listings. Investors are anticipating 2019 may be one of the most active years ever for tech IPOs.

Pinterest, which prepares to list under the sign “PINS” on the New York Stock Exchange, set a placeholder amount of $100 million to suggest the size of the IPO. The final size will change.

Reuters reported in January Pinterest might raise around $1.5 billion and that the IPO was most likely to come in the very first six months of 2019.

The business was valued at $12 billion in its last fundraising round in 2017.

The San Francisco-based company has proliferated given that its founding in 2008, boasting in the regulatory filing that it reaches more than 250 million month-to-month active users, 2 thirds of whom are female.

Pinterest said its yearly earnings in 2018 was $7559 million, up 60 percent compared to2017 Nevertheless, it remains unprofitable with a bottom line of $6297 million, narrowing from a net loss of $130 million a year earlier.

Like Lyft, Pinterest plans to go public with a dual-class share structure to focus voting power with Class B shareholders, that include co-Founder, President and President Benjamin Silbermann.

Nevertheless, Pinterest stated Class B shares will immediately convert into typical shares 7 years after the IPO. This conversion will not work if these Class B stockholders continue to own at least 50 percent of their shares held at the time of the IPO.

This follows a trade group representing leading U.S. pension funds and property managers asking exchanges to need business looking for to go public with share classes with unequal ballot rights to have strategies to adjust them within 7 years.

Financiers focused on corporate governance have criticized dual-class share structures after the similarity Snapchat moms and dad Snap Inc and meal-kit maker Blue Apron Holdings Inc went public given that with little or no voting representation for particular financiers.

Goldman Sachs and JP Morgan are the lead underwriters on the Pinterest IPO.