The San Francisco-based company, Airbnb Inc. said the company had emerged out from the effects of the coronavirus pandemic and now, it is filing to go public after a long-awaited period and investors could put their shares on the market without waiting for a lock-up period for their investments.
On Wednesday, Airbnb in a statement said that the company has submitted its filing for an Initial Public Offering (IPO) confidentially to the US Securities and Exchange Commission. Brian Cheeky, Chief Executive Officer of Airbnb had initiated the listing process with the Securities and Exchange Commission (SEC) back on March, 31. Before the flights were closed by the imposition of Lockdown around countries due to the Covid-19 pandemic and after that, plans were put on the hold for the signs of recovery by moving it ahead.
The company has recorded signs of recovery in the month of June, with only 30% of the booking that it has done in the same month previous year. In the second quarter, the company’s revenue fell by 67% to $335 million compared to more than $1 billion reported in the same period last year. According to Bloomberg’s report, the company has a steep decline in sales by $842 million in its first quarter. The company has reported an adjusted loss of $341 million in its first-quarter which was $292 million a year back.
The company remains to be one of the most highly anticipated stock listings of the current fiscal year. The price range and size for the offering is yet not decided by the company and said its IPO would take place after its complete review by SEC.