Airbnb files for IPO

Home sharing titan Airbnb is moving ahead with its planned IPO despite the travel industry still being pummelled by the Covid-19 pandemic.

Airbnb confirmed it submitted confidential paperwork with the US Securities and Exchange Commission for an initial public offering.

The company says booking volume has started to rebound in the past few weeks, but it goes to market with a much reduced valuation compared to a high of $31 billion last year.

"The travel industry, including Airbnb has been hit hard by Covid-19 and there will continue to be tremendous uncertainty but our booking data shows that travel is beginning to bounce back," it said recently.

Like many of its home sharing and traditional hotel rivals, it has made deep cuts.

It slashed its global workforce by a quarter earlier this year.

Airbnb hasn’t said how many shares will be up for grabs or what valuation it is seeking.

It hasn’t put a timeline on the IPO but hopes a listing will be completed by the end of 2020.

Written by Ray Montgomery, US editor