On Wednesday, the travel site Airbnb announced that it submitted a draft registration statement to the Securities and Exchange Commission proposing an initial public offering of its common stock.

What Happened: Airbnb, after earlier reports this month that it would go forward with an IPO, filed paperwork with the SEC Wednesday.

Outside the filing being reported, no information was released on price range or shares being offered.

Why It’s Important: Airbnb has been rumored to be planning to go public for months.

The San Francisco-based company saw a major drop in second-quarter earnings, with revenue falling 67% year-over-year to $335 million in the June-ending quarter, according to Bloomberg.

No disclosures were made Wednesday as to the firms underwriting the IPO. The Wall Street Journal previously reported that Morgan Stanley and Goldman Sachs Group were potential underwriters.

Airbnb was founded in 2008 and at one point had a valuation of over $31 billion, but the coronavirus pandemic-driven downturn has led to layoffs and declining revenues.

What’s Next: The SEC has to review the filing and give the greenlight for Airnbnb’s long-awaited IPO.

This story originally appeared on Benzinga.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Toshifumi Kitamura/AFP via Getty Images

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