Airbnb Delays IPO Filing to Next Week

Airbnb delays its IPO filing to next week from Thursday. A report says it sought to distance the move from the presidential-election results.
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Room- and home-sharing service Airbnb delayed filing for an initial public offering until next week, to distance the move from the U.S. presidential election, according to a media report. 

A Securities and Exchange Commission filing could come as soon as Monday, sources told Bloomberg. The company had planned to file this Thursday but delayed the move so as not to be overshadowed by the election results. 

The San Francisco company plans to raise as much as $3 billion for its debut on the Nasdaq, making it one of the largest domestic IPOs in 2020, according to reports.

Last week, multiple reports said the 12-year old company would file on Thursday, opening up its financials and listing documents for the first time to attract investors ahead of its public debut. 

Back in April, Airbnb raised $2 billion in debt from investors, bringing its estimated valuation to $18 billion. That was a drop from its 2017 fundraising round, which gave the startup a valuation of $31 billion.

Reports in September said Airbnb rejected a merger approach from hedge-fund manager Bill Ackman and his Pershing Square Tontine special-purpose-acquisition company.

The travel marketplace had been expected to go public sometime this year, but the damage that covid-19 caused in the travel industry reportedly delayed those plans.

Chief Executive Brian Chesky said in a statement in May that the company expected its total revenue to drop by more than half in 2020 due to the pandemic.