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Airbnb Submits Draft Paperwork For Long-Rumored IPO

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Airbnb Submits Draft Paperwork For Long-Rumored IPO

On Wednesday, the travel site Airbnb announced that it submitted a draft registration statement to the Securities and Exchange Commission proposing an initial public offering of its common stock.

What Happened: Airbnb, after earlier reports this month that it would go forward with an IPO, filed paperwork with the SEC Wednesday.

Outside of the filing being reported, no information was released on a price range or the number of shares being offered.

Why It’s Important: Airbnb has been rumoured to be planning to go public for months.

The San Francisco-based company saw a major drop in second-quarter earnings, with revenue falling 67% year-over-year to $335 million in the June-ending quarter, according to Bloomberg. 

No disclosures were made Wednesday as to the firms underwriting the IPO. The Wall Street Journal previously reported that Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc. (NYSE: GS) were potential underwriters. 

Airbnb was founded in 2008 and at one point had a valuation of over $31 billion, but the coronavirus pandemic-driven downturn has led to layoffs and declining revenues.

What’s Next: The SEC has to review the filing and give the greenlight for Airnbnb’s long-awaited IPO.

Photo courtesy of Airbnb. 

 

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