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Saw this headline recently: "Airbnb Still Eyeing The Public Market Despite Pandemic Effect"
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Kenneth Lou
13 Aug 2020
Co-founder at Seedly
Airbnb plans on filing for an initial public offering this month, according to a report from The Wall Street Journal. (Source)
Key highlights:
This was arguably 2020’s most anticipated tech IPO.
But then the COVID-19 pandemic was declared in mid-March, throwing the economy for a loop–especially hammering the travel industry.
Airbnb was affected, raising questions if the company would go through with an IPO after all.
Key details:
Now a public debut will reportedly still be happening this year.
And with Airbnb’s valuation at $18 billion (per the Journal, and down from an earlier valuation of $31 billion)
It would be among a small group of companies to go public with such a high valuation in the last five years.
Since 2014, there have only been five U.S.-based venture-backed companies with initial post-public valuations of $10 billion or more*.
Those companies were more or less household names: Uber, Lyft, Slack, Pinterest and Snap.
*Post-IPO valuation reflects valuation before shares begin trading.
Uber
Total Funding: $24.7 billion
IPO Date: May 9, 2019
Valuation At IPO: $82.4 billion
IPO Share Price: $45
Lyft
Total Funding: $4.9 billion
IPO Date: March 29, 2019
Valuation At IPO: $24 billion
IPO Share Price: $72
Slack
Total Funding: $1.4 billion
Direct Listing Date: June 20, 2019
Valuation: $23 billion
Reference Price: $26
Total Funding: $1.5 billion
IPO Date: April 18, 2019
Valuation At IPO: $12.7 billion
IPO Share Price: $19
Snap
Total Funding: $4.9 billion
IPO Date: March 2, 2017
Valuation At IPO: $33 billion
IPO Share Price: $24
We can’t really speculate what Airbnb’s IPO will look like. There’s still a lot of uncertainty in the world with COVID-19, and that could affect the company’s plans or the public market’s reception to Airbnb. We’ll have more when we can get a look at the company’s S-1 registration document.
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Every deal can be done, if the price and terms are right.
I mostly avoid IPOs due to the motivation of such moves - to raise money at the biggest valuation possible. (Smart investors have reached their limits on funding and they want to cashout)