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BREAKING NEWS

Airbnb plans public listing in 2020

Airbnb plans public listing in 2020
FILE PHOTO: The Airbnb logo is seen on a little mini pyramid under the glass Pyramid of the Louvre museum in Paris, France, March 12, 2019. REUTERS/Charles Platiau/File Photo -
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Charles Platiau(Reuters)
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(Reuters) – Home rentals giant Airbnb said it plans to list on stock exchanges in 2020, making it one of the most high-profile market debuts next year. (https://bit.ly/2mqasWw)

In a short statement posted on its website on Thursday, Airbnb, which is widely expected to list through a direct listing, did not give any details about how it plans to list its shares.

On Wednesday, Airbnb said that it took in more than $1 billion (800.51 million pounds) in revenue for the second quarter of 2019. Reuters had reported in June that Airbnb was considering a direct listing.

This year marked the debuts of several high-profile IPOs including Uber <UBER.N> and Lyft Inc <LYFT.O>, but the companies have fared poorly after their launch, amid investor scepticism over their lack of a concrete plan to profitability.

WeWork owner The We Company has also postponed its initial public offering, walking away from preparations to launch it this month after a lacklustre response from investors.

Airbnb has not given any details on whether it was profitable in the second quarter of 2019, but has previously said that its earnings before interest, taxes, depreciation, and amortisation was positive for 2017 and 2018.

The recent lacklustre stock-market debuts of richly venture-funded start-ups have prompted experts to point out that investors’ patience with deeply unprofitable internet ventures may be wearing thin.

(Reporting by Anirban Sen; Editing by Shailesh Kuber)

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