Airbnb targets nearly $ 35 billion valuation on IPO

Airbnb is trying to ride the soaring stock market to come back.

The house rental startup said on Tuesday it plans to sell shares for between $ 44 and $ 50 each when it goes public, valuing it at nearly $ 35 billion.

The company said it plans to raise up to $ 2.75 billion from the offer, according to a prospectus filed with the Securities and Exchange Commission. Its three founders also plan to sell shares of up to $ 95 million.

Such a sale would bring Airbnb’s valuation back to what it was before the pandemic hit its business. At the start of the year, investors valued the company at $ 31 billion. But in the spring, as travel was halted and cancellations poured in, Airbnb raised emergency funding valuing it at $ 18 billion.

Airbnb is betting Wall Street will adhere to its account of a business takeover. Even though its revenue declined in the first nine months of the year compared to the same period last year, bookings in the most recent three-month period have rebounded as people made reservations. car trips to rent a house in remote areas.

Airbnb now plans to embark on a virtual “road show” to showcase its shares to investors over the next week, culminating with the listing of its shares on the Nasdaq under the symbol “ABNB”.

The company is part of a group of leading technology companies that will be listed on the stock exchange before the end of the year. Food delivery company DoorDash said on Monday it hoped to raise up to $ 2.8 billion from its IPO, in a sale that could value the company as high as $ 31.6 billion. billions of dollars. E-commerce company Wish and children’s game maker Roblox are expected to list their shares in the coming weeks.

Michael J. de la Merced contributed reporting.


Source link

Comments are closed.