Airbnb is likely to debut on the public markets through a non-traditional direct listing, and this article in Forbes considers whether it will follow Spotify and Slack into this kind of listing where current shareholders can trade their shares, but new shares aren’t issued, cutting out middlemen such as investment banks or underwriters.

The company is currently valued around $35 billion, and has just signed an Olympics sponsorship deal worth around $500 million. Morgan Stanley and Goldman Sachs are expected to be Airbnb’s lead advisors, having overseen the direct listings for Spotify in 2018 and Slack in 2019. Their shares have fallen 8% and almost 44% respectively, while Uber and Lyft’s shares also fell 35% and 44% respectively since going public, and WeWork cancelled its IPO plans altogether.

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