In a brief statement on Thursday, home-sharing rental business, Airbnb said that it will go public in 2020. It did not provide any specifics on IPO valuation or a timeline.
The announcement comes days after We Company, the parent of office-sharing business WeWork, said that it was forced to delay its initial public offering (IPO).
On Wednesday, Airbnb reported a revenue of over $1 billion for the second quarter of 2019 and that it has more than 7 million listings in 100,000 cities across the world.
A public statement from a technology firm about going public in a particular year is unusual as they are usually secretive about it.
Airbnb has not revealed any details about how it intends to list its shares- that is using a Wall Street bank as an underwriter or through the direct-listing route.
According to a New York Times report citing unidentified sources, the company is looking at non-traditional methods like offering shares to its "hosts" (those who list houses on Airbnb) and going for a direct listing. As per American securities law, a company is required to disclose its plans of going public before it makes share offers to "hosts."
Direct-listing allows companies to directly offer its shares to the investors without raising additional capital. This less-expensive mode of listing was in recent times opted by Spotify, the media software company.
Among the big international tech startups that went public in 2019, Uber and Lyft did not fare well while Zoom, Slack, PagerDuty, Cloudflare and Pinterest are presently trading above their IPO price.