Short-term home rental company Airbnb Inc is set to hire Morgan Stanley and Gold...
- Short-term home rental company Airbnb Inc is set to hire Morgan Stanley and Goldman Sachs Group Inc as joint lead advisers on its planned stock market flotation next year, people familiar with the matter said on Wednesday.
In an IPO, shares are sold by the company or its investors in a process managed by the investment banks as underwriters. In a direct listing, however, no new shares are sold, and the role of the investment banks is more of one advising on market conditions, as opposed to underwriting.Airbnb is considering going public around the middle of 2020, one of the sources said, a timeline that would help it avoid any stock market volatility in the run-up to the U.S.
Airbnb was valued at $31 billion in its most recent private fundraising round, according to data provider PitchBook. The company sold shares in the private market earlier this year at a valuation of roughly $35 billion around the time it purchased HotelTonight, Vox reported. With a direct listing, Airbnb would follow the route taken by music streaming company Spotify Technology SA and workplace messaging firm Slack Technologies Inc in 2018 and 2019, respectively. Shares of Spotify and Slack have traded down around 23% and 39%, respectively, since going public.
An Airbnb listing next year would follow a mixed 2019 for tech listings, with the likes of Uber Technologies and Lyft Inc struggling since going public. Earlier this week, WeWork’s parent, The We Company, also filed to withdraw its IPO after investors raised concerns about its burgeoning losses and the tight grip of its co-founder on its governance.
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