Airbnb is reportedly seeking to increase roughly $three billion for its debut on Wall Road, according to Reuters. The house rental firm revealed in August that it , 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.
Folks accustomed to the matter instructed 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 line with 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 over the past couple of years, similar 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 Might, the corporate said it was laying off 1,900 staff — 1 / 4 of the corporate — one of many largest mass layoffs for a Silicon Valley firm because the pandemic started. On the time, CEO Brian Chesky instructed staff that income this yr can 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, looking for non-public countryside leases the place they’ll keep away from large teams of individuals. In July, Airbnb mentioned 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 could possibly be valued at as a lot as $30 billion, in line with Reuters. That is greater than earlier estimates, which vary from $18 billion to $21 billion.
Airbnb declined to remark.