April 18, 2024

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Airbnb Submits Draft Paperwork for Long-Rumored IPO

On Wednesday, the journey web page Airbnb announced that it submitted a draft registration statement to the Securities and Trade Commission proposing an initial general public presenting of its common stock.

What Occurred: Airbnb, soon after previously stories this month that it would go forward with an IPO, submitted paperwork with the SEC Wednesday.

Exterior the filing becoming reported, no details was unveiled on value range or shares becoming provided.

Why It’s Critical: Airbnb has been rumored to be preparing to go general public for months.

The San Francisco-centered business saw a significant fall in second-quarter earnings, with profits slipping sixty seven{744e41c82c0a3fcc278dda80181a967fddc35ccb056a7a316bb3300c6fc50654} yr-above-yr to $335 million in the June-ending quarter, in accordance to Bloomberg.

No disclosures have been created Wednesday as to the firms underwriting the IPO. The Wall Road Journal previously reported that Morgan Stanley and Goldman Sachs Group were potential underwriters.

Airbnb was founded in 2008 and at a single level had a valuation of above $31 billion, but the coronavirus pandemic-pushed downturn has led to layoffs and declining revenues.

What is Upcoming: The SEC has to review the filing and give the greenlight for Airnbnb’s prolonged-awaited IPO.

This story originally appeared on Benzinga.

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