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Airbnb reportedly pressing ahead with IPO
Despite the uncertain market conditions, it looks like Airbnb is moving forward with an IPO.
The Wall Street Journal reports it plans to file with the Securities and Exchange Commission later this month and complete the listing by the end of 2020.
Morgan Stanley and Goldman Sachs have backed the offering, the WSJ says.
Airbnb had long-term plans to go public in 2020 and hasn’t been deterred by the global Covid-19 pandemic.
Although it has been more cautious, Airbnb has consistently said it is ‘keeping our options open.’
According to the WSJ Airbnb’s valuation has almost halved to $18 billion from a high of $35 billion.
It recently cut about a quarter of its workforce and secured a $1 billion loan from investors to see it through the Covid-19 crisis.
The company says booking volumes bounced back in June with an uptick in bookings for rural Airbnb listings.
Written by Ray Montgomery, US editor
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TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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