Airbnb, the home-sharing platform, confirmed Wednesday that it has filed confidentially with the U.S. Securities and Exchange Commission to go public.
The San Francisco company said it has not determined the number of shares it would offer or their price range. The IPO is expected to take place after the SEC completes its review process, which is subject to market and other conditions, Airbnb said in a statement.
Founded in 2008, Airbnb provides a marketplaces that lets consumers list their homes for rent. It has raised $5.4 billion in funding from investors including Kleiner Perkins, T. Rowe Price, Tiger Global Management, and TPG, according to Crunchbase.
An Airbnb spokeswoman declined to comment further on the IPO.
Airbnb is one of several highly sought after companies that have been expected to go public. Palantir Technologies, the secretive data analytics company, confirmed in July that it confidentially submitted documents with the SEC to go public. Snowflake, a cloud-based data warehousing company, has also filed with the SEC, according to press reports.
Airbnb was valued at $18 billion, well below the $31 billion it had reached earlier, the Wall Street Journal said in April. The company had $4.8 billion revenue in 2019, the WSJ said.
Morgan Stanley (ticker: MS) is expected to be lead underwriter on the deal, while Goldman Sachs Group (GS) is seen playing a key role in the IPO. It’s unclear if the offering will be a traditional IPO or a direct listing. In a typical IPO, the company or investors sell new shares in a process managed by investment banks as underwriters.
In a direct listing, no new money is raised and no new shares are created. Instead, existing stock is sold to the public with no underwriters. Banks serve as advisors on market conditions. Both Slack Technologies (WORK) and Spotify Technology (SPOT) went public via direct listings.
Kathleen Smith, a principal of Renaissance Capital, said she expects the Airbnb IPO to trade in late September or early October. “Sounds like they are aiming to do a traditional IPO. That makes sense to us,” Smith said in an email.
Goldman and Morgan Stanley representatives declined to comment.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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Airbnb May Go Public in One of the Most Anticipated Listings - Barron's
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