Uncertainties hover over the reaction of investors, as Airbnb is hit hard by the coronavirus pandemic. The peer-to-peer rental platform officially launched its IPO process on Wednesday. As the crisis weighs on the tourism sector, it is a surprise that the company is now making this expected decision on Wall Street since last year.
Dismissal of 25% of employees
But Airbnb wants to believe it. The company filed a confidential file on Wednesday with the gendarme of the US Stock Exchange, the SEC, the start of a long induction process. The Californian group has not yet disclosed financial information or specified how many titles would be put on the market.
The platform had officially announced last September of its intention to go public in 2020. But it had to put its projects on hold due to the Covid-19 pandemic. "We are collectively going through the most painful crisis of our lives," said Brian Chesky, co-founder of the company, in May, when he had to announce the layoff of about 25% of its 7,500 employees worldwide. Airbnb then admitted that in 2020 it would post a turnover "less than half" of that of 2019.
The value divided by two
In April, in the midst of the slump due to numerous cancellations and the tourism crisis linked to the health crisis, the San Francisco company had raised $ 1 billion from investment funds. It was then worth $ 18 billion, according to the American economic channel CNBC, well below the 35 billion estimated before the pandemic. In June, Airbnb regained hope thanks to the resumption of short stays and close to home. “Our data shows that the sector is starting to rebound,” the platform then assured.
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