Technology

Airbnb reportedly plans to go public after US election, aims to raise $3B

It seems to be like Airbnb may very well be going public. 


Angela Lang/PJDM

Airbnb is reportedly trying to elevate roughly $three billion for its debut on Wall Avenue, according to Reuters. The house rental firm revealed in August that it was planning to go public, even throughout a time when the novel coronavirus had harm its backside line. After hitting a low final spring, Airbnb says it is since seen an uptick in enterprise.

Individuals aware of the matter informed Reuters that Airbnb intends make its filings with the US Securities and Change Fee public after the US election in November. The corporate will then reportedly have its preliminary public providing in December. This timeline might change nevertheless, in response to Reuters.

In August, Airbnb filed paperwork to go public in a what has been a long-anticipated IPO. As a number of different tech startups went public during the last couple of years, comparable to Uber, Lyft, Slack and Pinterest, Airbnb held again. At one level, the house rental firm was privately valued at $31 billion.

When the coronavirus pandemic hit, Airbnb noticed its enterprise battered as cities shut down and vacationers canceled journeys. In Could, the corporate said it was laying off 1,900 workers — 1 / 4 of the corporate — one of many largest mass layoffs for a Silicon Valley firm for the reason that pandemic started. On the time, CEO Brian Chesky informed workers that income this yr could be lower than half of what the corporate earned in 2019, which was reportedly $4.8 billion.

However the firm’s enterprise seems to be on the mend as individuals start to journey once more, searching for personal countryside leases the place they will keep away from huge teams of individuals. In July, Airbnb stated hosts in rural areas throughout the US earned over $200 million in June of this yr, up greater than 25% from the identical interval in 2019. 

With its IPO, Airbnb may very well be valued at as a lot as $30 billion, in response to Reuters. That is greater than earlier estimates, which vary from $18 billion to $21 billion.

Airbnb declined to remark.

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Author

Dara Kerr