Despite being hammered by the COVID-19 pandemic, Airbnb Inc. is planning to file paperwork for an initial public offering later this month, according to a report today in The Wall Street Journal.

Airbnb has been one of the heaviest hit startups throughout the pandemic as global travel and tourism has come to a near halt as countries have closed their borders to stop the spread of the virus.

In response to the rapid downturn in bookings, Airbnb has raised $2 billion in two tranches – $1 billion April 6 in a combination of debt and equity and $1 billion more April 15 through a line of credit to help it weather the COVID downturn in business. The company laid off 25% of its employees May 5 in an attempt to stem losses.

Even with the ongoing uncertainty from COVID-19, Airbnb is still pushing ahead with its IPO. The Journal, referencing people familiar with the matter, said the company is set for a potential listing before the end of the year. Airbnb had previously announced that it was planning a September IPO but warned in March that it could be delayed as the pandemic started to spread across the U.S.

Although the headlines driven by the pandemic are generally bad, Airbnb said in early June that its bookings had started to rebound starting May 17 not only in the U.S. but also in other countries, including Germany, Portugal, South Korea and New Zealand. Airbnb Chief Executive Officer Brian Chesky said at the time that international trips were being replaced by impulsive road trips booked a day before and weekend getaways that turn into weeks-long respites.

That was before second wave of the pandemic hit some of those countries. South Korea confirmed a second COVID-19 wave June 22, while Auckland, the largest city in New Zealand, has returned to lockdowns following four newly detected community cases after no detected local cases for 102 days.

Despite the turmoil, Airbnb may find willing investors. Despite at times catastrophic economic figures in the U.S., equities markets have been surprisingly resilient following a drop in March. Despite a drop in revenue, Airbnb may be assessed by investors on both its pre-COVID financials and its potential in a post-COVID environment.

Photo: Pixabay