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On Wednesday, the travel site Airbnb announced that it had submitted a draft registration to the Securities and Exchange Commission that provides an initial public offering of its non-unusual shares.
What happened: Airbnb, after pronouncing this month that it would continue with an IPO, filed documents with the SEC on Wednesday.
Other than informed presentation, no data was released on a diversity of value or the number of shares offered.
Why It Matters: Airbnb has been making plans to go public for months.
According to Bloomberg, the San Francisco-based company experienced a fall in second quarter earnings, down 67% year-over-year to $335 million in the june-ended quarter.
On Wednesday, no disclosure was made about the corporations that subscribed to the IPO.The Wall Street Journal reported in the past that Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc.(NYSE: GS) were potential subscribers.
Airbnb was founded in 2008 and at one point was priced at more than $31 billion, however, the slowdown due to the coronavirus pandemic has led to layoffs and declining revenues.
And now: the SEC will have to review the case and give the green light to Airnbnb’s long-awaited IPO.
Photo courtesy of Airbnb.
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