Airbnb on Wednesday filed preliminary paperwork for selling stock on Wall Street, undaunted by a global pandemic that has taken some wind out of its home-sharing business.
The San Francisco-based company said it submitted a draft registration statement to the Securities and Exchange Commission. It kept details in the statement confidential.
Airbnb said the number of shares in the company it plans to sell and their price hasnt yet been determined. The timing of the IPO also hasnt been set.
Airbnb, which was founded 12 years ago, has long been expected to go public. Its CEO, Brian Chesky, told The Associated Press this summer that he was working on the IPO documents when the coronavirus pandemic hit the U.S. in March.
The pandemic initially hurt demand for the 7 million properties listed by Airbnb. Chesky has said that Airbnb’s 2020 revenue will likely be less than half of what the company booked last year.
In May, Airbnb cut 1,900 employees, or around 25% of its workforce.
But demand has rebounded some as some travelers see home rentals as safer during the pandemic than crowded hotels. On July 8, the company said guests booked more than 1 million nights’ worth of future business; it was the first time that threshold had been reached since March 3.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Comments
0 comment