Airbnb has filed documents to begin its initial public offering, the company said on Wednesday. Airbnb’s securities registration filing remains confidential, but it has been submitted to the Securities and Exchange Commission, beginning the process that will ultimately allow everyday investors to purchase shares in the company for the first time.

The company has yet to determine the specifics of the public offering, including share price and the number of shares to be offered.

Airbnb had previously discussed its intention to go public this month despite the ongoing financial fallout from the pandemic, which resulted in hundreds of millions of dollars in refunds and cancellations on Airbnb’s platform. In the wake of that economic damage, The Wall Street Journal valued the company at $18 billion, about half of its peak value of $31 billion in 2017.

Airbnb will be forced to make significant disclosures as part of the IPO process, including the detailing of business risks, debt holdings, and any outstanding legal threats to the company’s operations. But because the S-1 form was filed confidentially, those disclosures will be withheld until later on in the process.

https://www.theverge.com/2020/8/19/21376338/airbnb-ipo-s1-filing-going-public-confidential