She said The company (Airbnb), a pioneer in the field of sharing economy: It has submitted secret requests for public subscription, to turn into a public company only months after the outbreak of the epidemic in the travel industry and forcing the startup to lay off a quarter of its workforce.
Founded in 2008, the company marginalized the hotel industry by allowing individuals to rent rooms in their homes to travelers.
And it became one of the most valuable emerging private companies in the world, at some point reaching $ 31 billion.
Airbnb’s securities registration file is still classified, but it has been submitted to the SEC to begin the process that will eventually allow investors to purchase shares in the company for the first time.
The company has yet to specify the details of the public offering, including the share price and the number of shares that will be offered.
The company’s public offering, which allows people to rent out their spare rooms or homes to travelers, would put an end to the volatile year in which the spread of the coronavirus has devastated its business.
(Airbnb) previously discussed its intention to offer its shares for an IPO this month, despite the ongoing financial repercussions of the epidemic, which resulted in the recovery and cancellation of hundreds of millions of dollars on the platform.
In the aftermath of those economic damage, Estimated The Wall Street Journal reported the company with $ 18 billion, nearly half of its maximum value of $ 31 billion in 2017.
The company must now convince investors that it can thrive and profit in a new era of limited travel.
The company will have to make important disclosures as part of the IPO process, including details of business risks, debt holdings, and any significant legal threats to the company’s operations.
But because the S-1 was submitted in secret, these disclosures will be withheld until later in the process.
Airbnb’s offer signals the end of the first wave of high-value startups (unicorns), which were sprouted by smartphones, gig jobs and huge sums of investment capital.
Like other startups in the sharing economy, Airbnb has faced a number of organizational battles over the years with local and state governments over how to operate in their jurisdictions.
And in recent years, many of Airbnb’s known peers in the sharing economy have become public corporations like Uber and Lyft, sell themselves out (Postmates), or have collapsed (WeWork).
CEO Brian Chesky wrote in May a letter to employees saying: The business has been badly damaged and year-end revenues are expected to be less than half of what the company achieved in 2019, and the company has abandoned 1,900 employees.