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硅谷独角兽Airbnb计划明年IPO,估值310亿美元
格隆汇 09-20 10:42

作者:康路

来源:《棱镜》

在公布第二季度收入超过10亿美元的第二天,在线民宿租赁网站Airbnb公布,计划在2020年上市。

Airbnb是全球最大的在线民宿租赁平台之一。普通大众可以把闲置的房屋资源公布到Airbnb的平台上,提供给旅客住宿,借此获得收入。

Airbnb长期以来也是美国估值第二高的超级独角兽,仅次于总部同在旧金山的Uber。在2017年的最后一轮融资之后,Airbnb的估值约为310亿美元。

作为共享经济模式的鼻祖之一,同网约车Uber发展的契机相类似,Airbnb在美国市场的几何式增长,除了因为创始团队针对短租市场需求痛点,并及时抓住共享经济投资风口之外,还得益于上一代硅谷明星企业的基础设施建设。

苹果所带来的智能手机应用系统生态,让用户得以随时随地进行交易;脸书、Twitter和LinkedIn搭建的人际关系信息网,对美国原有的征信体系进行补充,便于陌生人快速建立信任;而分类信息网站Craigslist等信息撮合平台的出现,则对C2C的商业模式进行检验。

通过声明公开上市时间表的做法,极为罕见。分析师猜测,Airbnb或为另类上市方式“投石问路”。外媒称,Airbnb或考虑采用“直接上市”的方式,即绕过承销商,通过市场供需寻找价格。

纽交所国际上市部总裁Alex Ibrahim曾经对腾讯《棱镜》解释称,“直接上市并不适用于所有公司。”一来,公司需要具备一定的国际知名度、用户基础以及现金流,公司往往无迫切融资需要,只希望给员工和早期投资者提供流动性;二来,如果在纽交所采用直接挂牌需要符合特定条件,比如非公司董事或亲友持股的流通股规模,至少达到2.5亿美元等。

直接上市同时意味着投资者无法获得“禁售期”等典型IPO保护,因此股权交投在初期更容易震荡,也是创业公司需要考量的问题。此前,音乐流媒体平台Spotify和企业应用Slack分别在去年和今年通过直接上市,登陆美股。

外媒援引知情人士称,Airbnb也在探索或面向“房东”销售股票。在2017年接受笔者专访时,Airbnb联合创始人之一的布莱恩·切斯基(Brian Chesky)曾将平台上“房东”称为“微型创业者”。

此次Airbnb上市意向声明,并不具备出售股票的法律效力,仍需等待招股书公布,才可以公开募股。

Airbnb宣布上市意向的时间点,正值硅谷独角兽“流血上市”遇冷的“清醒时刻”,今年上市的Uber和Lyft和发行价相比下跌26%和34%。

公司的盈利情况,将成为二级市场估值的抓手。Airbnb此前曾表示,2017年和2018年税前利润为正值,但并未透露最新的利润数据。

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