Airbnb plans to confidentially file for IPO this month

Technology

Airbnb is planning on going public through a confidential filing later this month, a source familiar with the matter confirmed to CNBC.

Shares could begin trading by the end of the year. Airbnb declined to comment. 

The Wall Street Journal first reported the news of its market debut. 

The company had plans earlier this year to enter the public markets, but put those on hold due to the Covid-19 pandemic and laid off 25% of its staff, roughly 1,900 employees. 

At the time, CEO Brian Chesky told employees that its 2020 revenue will be less than half of what the company earned in 2019. 

The pandemic has been a huge hurdle for the short-term rental company to overcome, as it’s devastated the travel and hospitality industries. 

Airbnb’s private valuation has dropped to $18 billion, down from the $31 billion figure when it raised a round of funding in 2017. The company also raised $1 billion in April in equity and debt from Silver Lake and Sixth Street Partners to get through the crisis. 

This is breaking news. Please check back for updates.

Products You May Like

Articles You May Like

Crude oil posts loss for the week as looming surplus depresses market
A crushed car and trouser scraps: The Pulp fan club president who joined the band
Indonesia wants Apple to sweeten its $100 million proposal as tech giant lobbies for iPhone 16 sales
H&R Block, Intuit stocks fall on news of a potential free tax-filing app by Trump transition team
Enwin Utilities adds $1 million Terex electric bucket truck to fleet [video]

Leave a Reply

Your email address will not be published. Required fields are marked *