Airbnb files for IPO in the US

If the stock market listing goes ahead this year it would be one of the biggest share sales of 2020

                                

Airbnb is planning to list on the stock market as its worries over the damage caused by the coronavirus lessen.

The platform, which allows you to rent places for short stays, previously planned an initial public offering (IPO) for earlier this year but it appeared to be on hold.

Airbnb is now moving forward after filing confidential registration documents with US market regulators.

If the stock market listing goes ahead this year it would be one of the biggest share sales of 2020.

The company joins a host of others looking to go public in the coming months amid a wave of renewed investor confidence.

US stock markets have surged in recent months, with the benchmark S&P 500 index hitting a record high this week.

Shares in online travel agency Booking Holdings have bounced back by about 14 per cent in the last three months although they remain down on the year.

Airbnb hasn’t given any more details on the timing of the stock market debut or how much money it hopes to raise.

In April Airbnb raised $2bn (£1.5bn) from investors, which valued it at $18bn. That was well below the $26bn the firm cited as an internal valuation in early March.

In May the company announced it was cutting 25 per cent of its staff.

The company also said it would scale back or halt newer initiatives, such as investments in hotels and luxury resorts and flights.

FURTHER READING: Airbnb revives IPO plans

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