Off Brand
Will Airbnb and Other IPO Hopefuls Still Go Public In the Middle of a Pandemic?
How long before companies like DoorDash, Robinhood, and Madewell brave the public markets?
It seems like a hundred years ago, but it’s been just a matter of weeks since we were all eyeing which companies would dare go public in a market that was already looking risky. Widely hyped tech startups like Robinhood, Instacart, Asana, and DoorDash looked like contenders; some were expected to attempt the hot direct listings instead of traditional IPOs. Perhaps most of all, everyone wanted to know how legendary super-unicorn Airbnb would fare in what was easily the most anticipated offering of the year.
But as you may have heard, things have changed. The bull market’s 11-year-run came to a gruesome end this March as the devastating human costs — and, secondarily, but acutely — economic costs of the Covid-19 pandemic came into full and undeniable view. Stocks plunged, a slew of companies warned that their earnings will be lower than expected, mass layoffs were predicted, entire industries feared being wiped out, and the IPO market suddenly became the IP-No market.
Consider Airbnb. The travel category is getting crushed, from airlines to hotels to online services. And…
