Airbnb to list shares next year
The home rentals site Airbnb plans to list on stock exchanges next year, in what is expected to be one of the highest-profile share sales of 2020. One of the earlier so-called sharing economy sites, the Californian firm is facing criticism for hollowing out communities in popular destinations.
City governments around the world are exploring ways to curb its use. This week Airbnb said second quarter revenue reached $1bn (£800m), but did not say whether it made a profit. The firm has previously said it was profitable in 2017 and 2018.
The sharing economy includes firms that let ordinary members of the public rent out use of their property: homes, cars, tools, parking spaces, or skills, directly with anyone happy to pay for them. The peer-to-peer commerce works via an app or a website and often undercuts traditional suppliers of goods and services such as hotels and taxi firms.
Two other similar firms, Lyft and Uber both floated this year, but their shares have fared poorly as investors question their prospects for making profits.
WeWork’s owner WeCompany has postponed its initial public offering amidst weak investor interest. WeWork offers shared working spaces with communal office services.
Airbnb was founded in 2008 in San Francisco and says it offers seven million unique places to stay in 191 countries and regions.
Recently it added the ability to book activities at a travel destination alongside accommodation.