Home-sharing giant AirBnB on Wednesday filed preliminary paperwork for an initial public offering (IPO) on Wall Street with the US Security and Exchange Commission.

The San Francisco startup said it has not yet determined the number of shares to be offered or the price range for the IPO. The timing of the IPO has also not been set.

“The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions,” the firm said.

Founded 12 years ago, AirBnB has long been expected to go public. The company’s CEO Brian Chesky had said he was working on the IPO before the coronavirus outbreak in the United States in March.

Coronavirus effects

AirBnB has been hit hard by the financial effects of the pandemic. Chesky has said that revenue in 2020 will likely be less than half of what it was last year.

In April, the company raised $2 million in two rounds of debt to fund operations. In May, the company cut 1,900 employees, a quarter of its workforce.

The pandemic initially hurt demand for the 7 million properties listed by AirBnB, but demand has rebounded as people have preferred property rentals to staying in crowded hotels. On July 8, the company said guests had booked 1 million nights’ worth of future business for the first time since March 3.

dv/rc (AP, Reuters)