Airbnb Inc. .
Its shares were priced at $ 68 each. This is the latest sign of exuberance in the IPO market.
The price is well above the target range of $ 56 to $ 60 per share that the company set earlier this week. This was above previous range as investors demand the stock amid a historic IPO boom. The shares of the San Francisco home rental startup are set to start trading Thursday.
The pricing sees a rating for Airbnb of approx. 47 billion. USD based on a fully diluted number of shares and including the proceeds from the offering, which is approx. Should bring in 3 USD. 7 billion.
Under the sign of the strength of the IPO market
DoorDash Inc. . ’S
The stock rose sharply on its debut on Wednesday. The San Francisco food delivery company closed 86% above an IPO price that also exceeded previous expectations.
When Airbnb kicked off its investor roadshow last week, the company set an initial target range of $ 44 to $ 50 per share. But it quickly became clear that that was too low.
Both Airbnb and DoorDash are making their debut as the IPO market shatters records, aided by the stellar performance of recent tech lists. To date, well over US $ 140 billion has been raised for U in 2020. S.. . Exchanges, which, according to Dealogic data in 1995, far exceeded the annual record of $ 107 billion at the height of the dotcom boom in 1999.
Airbnb’s IPO marks an important milestone in the company’s turnaround in a turbulent year in its history.
Airbnb had planned to make its highly anticipated debut earlier this year, but then the pandemic that hammered bookings in Asia, Europe and the US. S.. .
turned to raising capital to keep the business going, laying off a quarter of the workforce and losing noncore operations. Business improved in the third quarter due to the combination of profound cost reductions and an unexpected pickup in local stays. The company posted profits of $ 219 million for the period.
The Covid-19 pandemic continues to be Airbnb’s biggest short-term challenge. Investors also need to deal with risk factors such as:. Airbnb is also one of the few Silicon Valley startups with a presence in China, although the U. . S.. . and Europe remains the largest market.
December is usually a quiet time for the IPO market. Instead, there will be a deluge of offers this year. In addition to Airbnb and DoorDash, the video game company Roblox Corp. . and the parent company of online retailer Wish, ContextLogic Inc. . plan on debuts before the year is over.
Goldman Sachs Group Inc. .
lead Airbnb’s IPO. Morgan Stanley will act as the « stabilization agent » who can intervene in the company’s steady trading of stocks by buying stocks. The shares are due on
Nasdaq Stock Exchange
under the symbol ABNB.
IPO, DoorDash, Airbnb, Stock, Stock Exchange
World News – USA – Airbnb Prices IPO at USD 68 per share, higher than expected
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