Airbnb, the accommodation rental business, has informed its staff that the firm is planning for an initial public offering by late 2020.
A source that is close to the firm disclosed that Airbnb has established a goal of being prepared to go public by the 30th of June 2019, and is planning to list before late 2020 to get ahead of the expiration of any employee equity grants.
Also, for the first time in years, the firm will be handing cash bonuses to its employees this year and in 2019.
The staff will also be receiving more options with regards to future compensation, such as the choice to take refresh grants in cash instead of shares.
The source said that Airbnb has now eliminated the one-year vesting cliff for their existing employees.
The said compensation announcements emphasise how Airbnb is striving to keep its employees happy in an ultra-competitive market for talent, and how it is attempting to get its ducks in line as the company continues to discover the best way to grow in the years to come.
Last year, Airbnb was valued at $31 billion after closing a $1 billion fundraising round. Currently, the company is on the hunt to fill up some of the key executive positions of the firm, such as chief officers for its marketing and financial departments which were vacated earlier this year. Jonathan Mildenhall stepped down from his position as CMO in May 2018 while Laurence Tosi resigned from the CFO role last February. Also, the company is looking for more independent members of its board.
A spokesperson for Airbnb refused to comment regarding the matter.
To date, Airbnb has been able to raise almost $4.4 billion in funding as a private firm, and various reports say that it is on track to make around $3.5 billion to $4 billion in revenues this year from its business that connects travellers with private homes and a range of other related services.