On Wednesday, the vacation web-site Airbnb introduced that it submitted a draft registration statement to the Securities and Trade Commission proposing an preliminary general public offering of its common stock.

What Took place: Airbnb, following earlier studies this month that it would go forward with an IPO, submitted paperwork with the SEC Wednesday.

Outdoors the submitting becoming claimed, no details was unveiled on cost vary or shares becoming available.

Why It is Vital: Airbnb has been rumored to be organizing to go general public for months.

The San Francisco-primarily based company noticed a key fall in 2nd-quarter earnings, with income falling 67% 12 months-about-12 months to $335 million in the June-ending quarter, in accordance to Bloomberg.

No disclosures had been built Wednesday as to the corporations underwriting the IPO. The Wall Road Journal previously claimed that Morgan Stanley and Goldman Sachs Group were likely underwriters.

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

What is Upcoming: The SEC has to assessment the submitting and give the greenlight for Airnbnb’s very long-awaited IPO.

This tale originally appeared on Benzinga.

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