Calif, 20th Aug 2020: US-based online rental marketplace platform Airbnb announced that it had submitted confidential paperwork with the US Securities and Exchange Commission for an initial public offering.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. The IPO of Airbnb is expected to take place after the SEC completes its review process, subject to market and other conditions.
In the recent news reports, Airbnb said they want to go public by the end of the year, in spite of its 40 percent decrease in valuation from $30 billion in 2017, but only at $18 billion this year.
Last Month during the layoff, Airbnb Co-Founder and CEO Brian Chesky said, “Out of our 7,500 Airbnb employees, nearly 1,900 teammates will have to leave Airbnb, comprising around 25% of our company. Since we cannot afford to do everything that we used to, these cuts had to be mapped to a more focused business.”
The bookings on Airbnb for rural areas earned hosts $200 million in total for June, a 25 percent increase from the same time in 2019.
During Covid-19 period, Airbnb raises $1 billion of debt and equity securities funding in April.
Started in 2008, Airbnb has rapidly grown into a trusted two-sided marketplace that generates real money for millions of regular people who share their homes and host Experiences. People who share their homes keep up to 97 percent of what they charge for their listings, while guests have easy access to a wide range of places to stay from budget to luxury in nearly every country and region in the world.