COVID-19 boom: Airbnb to make IPO filing public next week despite sources


(Reuters) – AirBnB Inc. plans to make its IPO registration public next week, which is sure to mark the start of the New York Stock Market in December as a CoV-19 epidemic, two people said on Thursday in this case Familiar with told.

The American home rental company’s planned debut on Nasdaq is one of the largest stock market listings of 2020, amid an epidemic that has seen demand for home rentals as they practice social distancing at hotels for the holidays.

AirBNB’s initial public offering filing will give outsiders its first detailed look at AirBNB’s business, highlighting the company’s reinforcements as the coronovirus outbreak pushed it from city apartments to a focus on vacation homes.

According to a Reuters tally, the United States on Wednesday set a one-day record for new coronovirus cases, with at least 102,591 new infections detected.

AirBnB plans to set an IPO price range and close an investor roadshow in December, sources said, warning that the timing is subject to market conditions.

Reuters reported last month that AirBnB was aiming to raise about $ 3 billion, and it could achieve a valuation of more than $ 30 billion in an IPO.

The US election this week reduced uncertainty for the IPO expected, as a divided government is likely to not raise taxes that fuel a stock market rally. CBOE Volatility Index .VIX, A gauge for short-term volatility, which is closely monitored by IPO candidates, has hit a two-week low after a four-month high in the run-up to the election.

It is already a blockbuster year for an IPO with the likes of record label Warner Music Group WMG.O, Data analytics firm Palantir Technologies PLTR.N & Data Warehouse Company Snowflake Inc SNOW.N This year is going public.

It will follow a dramatic recovery from earlier this year. Amid the first wave of the COVID-19 pandemic in April, Airbnb received emergency funding from investors including Silver Lake and Sixth Street Partners.

The company said in July that customers had booked more than one million nights a day for the first time since March 3.

US online travel agency Booking Holdings Inc. shares BKNG.O, Which some AirBnB investors use as a conservative public market proxy for their own stock, has reimbursed over 50% in the last eight months.

Reported by Joshua Franklin in Boston and Anirban Sen in Bengaluru; Editing by Gerry Doyle and Praveen Char

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