viralamo

Menu
  • Technology
  • Science
  • Money
  • Culturs
  • Trending
  • Video

Subscribe To Our Website To Receive The Last Stories

Join Us Now For Free
Home
Technology
Airbnb confidentially files for IPO
Technology

Airbnb confidentially files for IPO

20/08/2020

(Reuters) — Short-term home rental company Airbnb said on Wednesday it filed confidentially for an initial public offering with U.S. regulators, setting the stage for one of 2020’s marquee U.S. stock market debuts.

The move underscores a rebound in parts of the travel industry, which was battered this year by restrictions and shutdowns due to the COVID-19 pandemic. San Francisco-based Airbnb said in July that customers had booked more than 1 million nights in a single day for the first time since March 3, in part as U.S. travelers shy away from hotels and prefer to drive to local vacation rentals. Shares of U.S. online travel agency Booking have rebounded around 14% in the past three months but are still down for the year.

Companies can confidentially submit an IPO registration with the U.S. Securities and Exchange Commission. If Airbnb moves forward with the IPO, the filing would be made public closer to the time of the listing. The number of shares Airbnb will sell and the valuation it will seek have not yet been determined, Airbnb said in a statement.

Airbnb did not give a timeline for when it may complete its IPO. The company is targeting a listing before the end of the year, according to a person familiar with the matter, cautioning this is dependent on market conditions.

The collapse of Airbnb’s core home-rental business due to the COVID-19 pandemic had prompted Airbnb to suspend marketing activities for the year and cut about 25% of its workforce. The company in April also raised $2 billion in debt from investors, which valued it at $18 billion, well below the $26 billion Airbnb cited as an internal valuation in early March. “The company may be thinking that the lost value they’ve realized in 2020 could be recouped as a public company and that will be reflected in the upside in their stock price,” said Andrea Walne, general partner at Manhattan Venture Partners, an Airbnb investor.

Airbnb’s decision to go public came as U.S. capital markets stage a stunning recovery, with the likes of online used car seller Vroom and business intelligence platform ZoomInfo seeing their shares surge after going public. “We believe that investors are willing to look beyond COVID issues and value companies based upon post-COVID scenarios. It’s a constructive IPO market,” said Kathleen Smith, principal at Renaissance Capital, a provider of institutional research and IPO ETFs.

Morgan Stanley and Goldman Sachs Group Inc are lead advisers on the IPO.

Source link

Share
Tweet
Pinterest
Linkedin
Stumble
Google+
Email
Prev Article
Next Article

Related Articles

Amazon’s new AI technique lets users virtually try on outfits
In a series of papers scheduled to be presented at …

Amazon’s new AI technique lets users virtually try on outfits

Fyre Festival meets Mr. Bone Saw – TechCrunch
Social media influencers have been known to promote events around …

Fyre Festival meets Mr. Bone Saw – TechCrunch

Leave a Reply Cancel reply

Find us on Facebook

Related Posts

  • Irish data agency investigates GDPR violations by Facebook and others
    Irish data agency investigates GDPR violations by …
    21/02/2020
  • Star Wars: Squadrons leaks on Microsoft’s Xbox website
    Star Wars: Squadrons leaks on Microsoft’s Xbox …
    13/06/2020
  • Dr. Strangenet—or, how I stopped worrying and embraced the WFH IT apocalypse
    Dr. Strangenet—or, how I stopped worrying and …
    02/11/2020
  • 2020 brought a 40% increase in chatbot conversations for companies like NatWest  (VB Live)
    2020 brought a 40% increase in chatbot …
    19/12/2020
  • MongoDB’s field-level encryption protects private data—even from DBAs
    MongoDB’s field-level encryption protects private data—even from …
    01/04/2020

Popular Posts

  • Home alarm tech backdoored security cameras to spy on customers having sex
    Home alarm tech backdoored security cameras to …
    22/01/2021 0
  • Top 10 Stunning Churches and Cathedrals – …
    24/12/2020 0
  • SolarWinds hackers are ‘impacting’ U.S. federal, state, and local governments
    SolarWinds hackers are ‘impacting’ U.S. federal, state, …
    24/12/2020 0
  • Goldman Sachs leads acquisition of bot mitigation company White Ops
    Goldman Sachs leads acquisition of bot mitigation …
    24/12/2020 0
  • Bloomberg acquires Second Measure to unlock transaction data insights
    Bloomberg acquires Second Measure to unlock transaction …
    24/12/2020 0

viralamo

Pages

  • Contact Us
  • Privacy Policy
Copyright © 2021 viralamo
Theme by MyThemeShop.com

Ad Blocker Detected

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.

Refresh
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.I AgreePrivacy policy