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Airbnb readies to go public

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 20 Aug 2020

Airbnb plans to take its shares public, with the company confidentially filing a draft registration statement to the US Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO) of its common stock.

This comes as the digital home rental business has been hard-hit by the ongoing COVID-19 pandemic, which has resulted in staff layoffsand seen hosts’ earnings take a nosedive.

San Francisco-based Airbnb reportedly discussed a possible IPO earlier this month, as it tries to come up for air amid the economic upheaval caused by COVID-19.

In a statement, it says the number of shares to be offered and the price range for the proposed offering have not yet been determined. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”

Last month, the company revealed it reached the one million nights booked in one day threshold for the first time in more than four months.

According to Airbnb, the bookings occurred in over 175 different countries and regions, including destinations in Togo, Angola, Bahrain, Svalbard and Kyrgyzstan.

Airbnb emphasises its business has not recovered from the impact of the pandemic, but views the uptick in guest bookings as an encouraging sign.

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