The hospitality unicorn’s planned debut is set to be one of the largest U.S. stock market listings of 2020. Notably, it’s occurring amid a pandemic that has impacted the business in unforeseen ways.
The San Francisco-based company has seen demand for house rentals surge among customers looking for getaways that enable them to practice social distancing. At the same time, the business has been affected by the overall slowdown in travel amidst the COVID-19 pandemic.
Airbnb reportedly plans to set an IPO price range and launch an investor roadshow in December, subject to market conditions. Previously, it’s been reported that the company is seeking to raise around $3 billion in its public offering, with a likely initial valuation of more than $30 billion.
The company has raised at least $6.4 billion from investors including Andreessen Horowitz, Sequoia Capital and General Atlantic. It was last valued at around $18 billion after a $1 billion private equity round in April. That’s down from the some $26 billion Airbnb was valued at in early March, according to Reuters, before the COVID-19 pandemic took hold. The company has grown to include over 7 million listings across more than 220 countries and regions around the world.