The offering, which could value Airbnb at more than $30 billion and raise as much as $3 billion, will test investors’ appetite for hospitality-related stocks in a year when the industry has been battered and its future is uncertain, The New York Times’s Erin Griffith reports.
The company provides a marketplace for people to rent their homes, taking a percentage of the fees, and facilitates bookings for activities. Here are some highlights:
In total, Airbnb brought in $2.5 billion in revenue in the first nine months of the year, down from $3.7 billion a year earlier.
Its net loss more than doubled during that period to $697 million. The company’s shrinking revenue means it cannot pitch Wall Street on the typical tech start-up narrative of soaring growth.
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.
Morgan Stanley and Goldman Sachs will lead Airbnb’s public offering, which will list on Nasdaq.