The San Francisco-based vacation rental online marketplace company Airbnb on Monday released its prospectus to debut on public markets and filed for a $1 billion initial public offering. The company allows users to book online short-term rentals and experiences while traveling.– Advertisement –
The company made $219 million in net income on revenues of $1.34 billion last quarter. That was down nearly 19% from $1.65 billion in revenue a year prior.
The company said it plans to trade under the symbol “ABNB” on the Nasdaq.
Morgan Stanley and Goldman Sachs will lead Airbnb’s public offering, which will list on Nasdaq.
Airbnb was valued at $31 billion before the pandemic, but some investors bought shares valuing it at $18 billion after travel ground to a halt.
“In early 2020, as COVID-19 disrupted travel across the world, Airbnb’s business declined significantly. But within two months, our business model started to rebound even with limited international travel, demonstrating its resilience. People wanted to get out of their homes and yearned to travel, but they did not want to go far or to be in crowded hotel lobbies. Domestic travel quickly rebounded on Airbnb around the world as millions of guests took trips closer to home. Stays of longer than a few days started increasing as work-from-home became work-from-any-home on Airbnb. We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere.” Airbnb said.
Airbnb follows a string of highly valued startups to the public market this year. Listing shares in recent months, to mixed reviews, were Palantir, a data company valued at $20 billion; Unity Technologies, a gaming software business worth $6.2 billion; Snowflake, a data storage startup worth $12.4 billion; and Asana, a collaboration technology provider valued at $1.5 billion. On Friday, delivery startup DoorDash also revealed its finances in preparation for going public.