On the day the world learned of a second coronavirus vaccine, this time from Moderna after Pfizer & BioNTech's version, room-sharing giant Airbnb filed for its highly anticipated initial public offering after the closing bell Monday.
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The IPO announcement comes after online food delivery company, DoorDash, did the same last week.
The IPO comes 13 years after Airbnb was founded in 2007. The house-sharing platform now boasts 4 million hosts worldwide, according to the prospectus.
Here are a few facts to know about Airbnb's upcoming IPO, compiled by FOX Business.
The company lost $696.9 for the first nine months that ended in September 2020. But the company earned $2.5 billion in revenue during the same time period.
Proceeds from the deal will be used for "general corporate purposes, including working capital, operating expenses and capital expenditures," according to the prospectus.
In August, news outlets reported that the home-sharing platform would seek to raise approximately $3 billion in the offering, which would value the company at approximately $30 billion.
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Morgan Stanley and Goldman Sachs are the lead underwriters.
CEO Brian Chesky, 39, has made some difficult decisions in 2020, notably his call earlier this year to "dramatically” cut costs by laying off 1,900 of its 7,500 employees in order to weather the pandemic.
“While we know Airbnb’s business will fully recover, the changes it will undergo are not temporary or short-lived,” Chesky told employees at the time. “Because of this, we need to make more fundamental changes to Airbnb by reducing the size of our workforce around a more focused business strategy.”
COVID-19 Silver Lining
While the coronavirus pandemic decimated global travel, especially hotels and airlines, it served as a silverling for Airbnb.
"In early 2020, as COVID-19 disrupted travel across the world, Airbnb’s business declined significantly. But within two months, our business model started to rebound even with limited international travel, demonstrating its resilience. People wanted to get out of their homes and yearned to travel, but they did not want to go far or to be in crowded hotel lobbies. Domestic travel quickly rebounded on Airbnb around the world as millions of guests took trips closer to home. Stays of longer than a few days started increasing as work-from-home became work-from-any-home on Airbnb. We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere. Our platform has proven adaptable to serve these new ways of traveling" the company wrote in the filing.
Nasdaq Listed Stock
The offering, which will be a traditional IPO, will be listed on the Nasdaq Global Select Market and will trade under the ticker symbol: ABNB.
Earlier this year, hedge fund honcho Bill Ackman reportedly approached Airbnb about going public through a special acquisition company, but the San Francisco-based company said it was pursuing an IPO via traditional methods.
Ackman is not mentioned in the prospectus.
Will compete for investor travel $$$
Airbnb will seek to lure hotel investors, creating competition in the capital markets for traditional hotel chains, such as Hilton and Marriott, as well as digital platforms such as Expedia and TripAdvisor.
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FOX Business' Alexandra Deabler and Lucas Manfredi contributed to this story.