US: Airbnb’s much anticipated filing for an initial public offering [IPO] has reportedly been delayed until next week, according to sources close to the matter.
The home-sharing platform was originally planning to file for the IPO at the US Securities and Exchange Commission on Thursday [12 November] but sources have told Bloomberg that the delay has stemmed from the uncertainty from the US Presidential Election, with Republican incumbent Donald Trump refusing to concede to president-elect Joe Biden.
It is believed that the company’s delay is flexible and could be postponed again, depending on how the circumstances play out.
Airbnb is seeking to raise $3 billion in proceeds in a move that would set the company a valuation of around $30 billion.
Then next month, Airbnb will set out its case in an investor roadshow, before it lays out plans to set an IPO price range and eventually trading to the public on the stock market, despite a recent upsurge in coronavirus cases in the United States and around the world.
The Airbnb listing on the Nasdaq index promises to be one of the largest stock market listings of the year, having initially intended to launch its IPO proceedings in March, just before the pandemic hit. Its founders will also have been encouraged by the track record of other companies going public this year, including record label Warner Music Group, data analytics firm Palantir Technologies, and data warehouse company Snowflake, in spite of the downturn in travel due to international and domestic restrictions on mobility in the first global lockdown.
