TORONTO, ON / ACCESSWIRE / November 13, 2020 / Woori BMO Group has today commented on Airbnb Inc., which is expected to launch its long-awaited initial public offering on the Nasdaq this year, also listing its shares in 2021 on an upstart exchange which incentivises companies that focus on long-term corporate governance and environmental initiatives.
"In addition to its planned Nasdaq listing, Airbnb is considering a dual-listing on the Long-Term Stock Exchange, the Silicon Valley trading venue" commented Andrew Williams, Director of Institutional Equity at Woori BMO Group. "At this stage, a final decision has not yet been made, and a move is not likely to happen until next year," he added.
An Airbnb listing would be the biggest on the upstart exchange which opened for trading in September.
By listing on the LTSE, which was founded by the author of The Lean Startup, Eric Ries, the travel marketplace would be pledging to run its business in a manner compliant with the exchange's ESG standards. Airbnb would not raise extra capital through this secondary listing.
According to researchers at Woori BMO Group, companies that issue shares on LTSE are expected to publish and uphold ESG standards, in addition to meeting specific financial and governance standards.
"Securing a company like home-sharing giant Airbnb to be the first to list on its exchange would be a major achievement for the LTSE and will certainly attract a number of other big-name companies which are planning an IPO in the coming months," commented Christian Harper, Director of EMEA Wealth Management at Woori BMO Group.
After gaining approval from the U.S. Securities and Exchange Commission in May 2019, the LTSE allowed for potential listings this year.
According to a blog written by Ries in May this year, the LTSE-founder and Airbnb's chief executive and co-founder, Brian Chesky, have been "allies and comrades-in-arms in trying to lay out what it means to be a 21st-century company".
In 2018, Airbnb vowed to become a company that serves all its stakeholders, not just its investors, when it comes to corporate governance. In a stakeholder meeting earlier this year, Airbnb announced it would advise the board on areas in which the company can benefit hosts, guests, communities and staff, in addition to its shareholders.
Back in April, Airbnb raised $2 billion in debt from investors, bringing its estimated valuation to $18 billion. Since then, the travel marketplace has surpassed over one million bookings per day, higher than pre-pandemic levels.
About Woori BMO Group
Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.
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SOURCE: Woori BMO Group
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