Brian Chesky, CEO of RBNB.
John Van Hasselt | Corbis | Getty Images
Home rental company RBNB aims to raise about billion 1 billion in its next initial public offering, people familiar with the matter said on Friday, adding that the Kovid-1p epidemic had taken advantage of an unexpectedly rapid recovery in its business after starting the travel industry.
RBNB will be one of the largest and most anticipated U.S. stock market listings of 2020, which has already been a blockbuster year for IPOs, with record label Warner Music Group, data analytics firm Palantir and data warehouse company Snowflake being selected.
The RBNB said in August Gust that it had secretly filed for an IPO with US regulators.
The company’s current plan is to make its filing public in November after the U.S. presidential election and is targeting an IPO for some time in December, sources said, requesting not to be named as the plans are private.
Sources warned that time is subject to change and market conditions, especially the volatility that may come from the election.
An RBNB spokesperson declined to comment.
Sources added that the company could get a valuation of over 30 30 billion in the IPO.
It will be significantly higher in April than when it was valued at 18 18 billion, when it raised 2 2 billion in debt from investors. RBNB’s latest independent valuation of the fair market value of its shares, valued at about 21 21 billion.
The pressure to move forward in public and the growth in its potential valuation reflect the dramatic recovery of RBNB since the beginning of the year when it received emergency funding from investors and estimates for the travel industry were uncertain.
Since then, the San Francisco-based RBNB has benefited as travelers get bored of the big hotels and prefer to go on local vacation fares.
The company said in July that customers had booked more than 1 million nights in a single day for the first time since March 3.
Shares of US travel online travel agency Booking Holdings, which some RBNB investors use as a pro-public market proxy for their own stocks, have risen more than 35% in the last six months.
Last month, Reuters reported that billionaire investor William Aman Kamen had approached the RBNB about going public through a reverse merger in his blank-check company, but the RBNB preferred to go public through a traditional IPO.
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