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On Wednesday, the travel site Airbnb announced that it submitted a draft registration statement to the&nbsp;Securities and Exchange Commission proposing an initial public offering of its common stock.

What Happened:&nbsp;Airbnb, after earlier <a href="https://www.benzinga.com/news/20/08/17046123/airbnb-plans-to-file-for-long-awaited-ipo-this-month-wsj">reports</a> this month that it would&nbsp;go forward with an IPO, filed paperwork with the SEC Wednesday.

Outside of the filing being reported, no information was released on a price range or the number of shares being offered.

Why It&rsquo;s Important:&nbsp;Airbnb has been rumoured 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.&nbsp;

No disclosures were made Wednesday as to the firms underwriting the IPO. The Wall Street Journal previously&nbsp;<a href="https://www.benzinga.com/news/earnings/20/08/17064445/amid-ipo-plans-airbnb-revenue-fell-67-in-q2-as-losses-piled-up-report">reported</a> that Morgan Stanley MS and Goldman Sachs Group Inc. GS were potential underwriters.&nbsp;

Airbnb&nbsp;was founded in 2008 and at one point had a valuation of over $31 billion, but the coronavirus pandemic-driven downturn has&nbsp;led to layoffs and declining revenues.

What&rsquo;s Next:&nbsp;The SEC has to review the filing and give the greenlight for Airnbnb&rsquo;s long-awaited IPO.

Photo courtesy of Airbnb.&nbsp;

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

Airbnb Submits Draft Paperwork For Long-Rumored IPO - Morgan Stanley (NYSE:MS), Goldman Sachs Group (NYSE:GS)

Robert Schultz

Morgan Stanley

Goldman Sachs Group

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

Airbnb

Airbnb Submits Draft Paperwork For Long-Rumored IPO

The Goldman Sachs Group Inc

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