As per reports, Airbnb (1) received an unforeseen sharp rebound in its business. Now it is aiming for 3 billion USD via IPO. The home-sharing firm seeks to file its public offering in November or December after the elections, claims anonymous sources.
However, the timing is not set and is subject to the market climate. Estimates suggest that the Airbnb offering has the potential to receive a valuation of over 30 billion USD. Notably, the valuation of Airbnb was at 18 million USD in April 2020. It raised it to 2 billion USD via loans.
Reportedly, Airbnb is among the most waited and biggest stock market listings in the US market in 2020. The move towards public offerings highlights the rebound of the company earlier in 2020. However, later the travel space forecast became unclear, and the firm found emergency funding.
Airbnb filed for an IPO in August.
During the challenging time, Airbnb received rewards as people opted for vacation rentals instead of big hotels. In July, the company claimed that it had reserved over 1 million nights in one day for the first time since March 2020.
Several new surfaced about Airbnb sending a draft registration statement for an IPO in August. However, there were no details about the number of shares and their price range to the Securities and Exchange Commission.
In September 2020, news came out that the home-sharing firm had turned down the offer of William Ackman to combine blank-check, his newly formed company, to go public.
According to the sources, the company prefers a traditional approach to file its IPO instead of joining SPAC, Special Purpose Acquisition Company, or blank-check company.
On Friday, Airbnb has announced that it is blocking some of its rentals to curb Halloween parties. The company is likely to prohibit one night rentals over the Halloween weekend. The move is a part of its ongoing efforts to halt party houses. The action came after a year after the deadly shooting at an Airbnb in California. Notably, it happened during an unauthorized Halloween party.
Author: Rucha Joshi
Source : https://timesnext.com/airbnb-to-go-public-aiming-for-3-billion-usd/
Date : 2020-10-03T09:27:36.000Z