Vacation rental giant Airbnb has announced plans to list its shares on the stock market in 2020.
In a short statement posted on its website, the company did not give any details on how it plans to list its shares, but Reuters believes that it is widely expected to take a direct-listing route. A direct listing to go public is a process in which no new shares are created and helps companies save millions of dollars in underwriting fees.
According to Reuters, Airbnb has not given any details on whether it was profitable in 2Q2019 but has previously said that its earnings before interest, taxes, depreciation, and amortisation were positive for 2017 and 2018.
On September 18, Airbnb released a statement stating that in 2Q2019, the company achieved more than US$1 billion in revenue, and is the second quarter in its history in which the revenue exceeded US$1 billion.
Since its founding in 2008, Airbnb has evolved from a home-sharing site into a full-service travel company. This year in June, the company added Airbnb Adventures, a new collection of multi-day experiences for small groups hosted by local experts, to its platform.