Airbnb has submitted documents to begin its initial public offering, the company said on Wednesday. Submission of Airbnb securities subscriptions remains confidential, but it has been submitted to the Securities and Exchange Commission, beginning the process by which investors can purchase shares in the company for the first time every day.
The company has yet to determine the specifications of the public offering, including share price and the number of shares offered.
Airbnb had previously discussed its intention to go public this month, despite the pandemic’s ongoing financial fallout, which resulted in hundreds of millions of dollars in refunds and cancellations on Airbnb’s platform. After the economic damage, The Wall Street Journal valued the company at $ 18 billion, about half of its peak value of $ 31 billion in 2017.
Airbnb will be forced to make key disclosures as part of the IPO process, including the detailing of corporate risks, liabilities and any proposed legal threats to the company’s operations. But because the S-1 form has been submitted confidentially, these disclosures will be withheld until later in the process.
