Airbnb, giant of short-term rentals online between individuals and competitor of hotels, is moving towards landing on Wall Street. The platform which is based in San Francisco in the USA where it was founded in 2008 yesterday presented its request for the placement of shares. This is only a first step towards the stock exchange, at a later stage it will be decided how many securities will be put on the market and when the placement will take place.
With this move, the company is delivering on its 2020 listing target that it announced last year. The Covid emergency then made plans shake. Now the official start has arrived. The decision came at a difficult stage for the economy in general and for the travel and leisure sector in particular. However, the stock exchanges seem to continue to believe in stocks with long-term prospects. On Wall Street, the technology list, Nasdaq, as well as the main S & P500 basket have reached new records in recent days. For the markets, the Airbnb announcement is a good sign.
The company, which in April claimed to broker over 7 million advertisements in 220 countries, suffered from the pandemic and left a quarter of its staff at home in March and April. The activities have struggled for the lockdown, however in recent weeks the rental market has restarted again, helped by the smaller and easily accessible locations by car.
Now the stock market listing, which will be followed by two investment giants like Morgan Stanley and Goldman Sachs, brings new hope. However, Covid risks leaving profound marks: today the company is valued at 18 billion dollars, much less than the 30 billion valuation at the end of March.