Wednesday, November 29, 2023

Airbnb secures $ 47 billion market value in successful IPO

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Airbnb, hours after DoorDash nearly doubled in its commercial debut, priced its initial public offering above a range marketed to raise around $ 3.5 billion, according to people familiar with the matter.

Home rental company IPO – awaited for years by avid investors – in the lead DoorDash’s $ 3.37 billion offer as a wave of web-based companies in contact with consumers that go public this month continues. Airbnb’s listing adds to what was already a record year for IPOs, with more than $ 163 billion raised on U.S. exchanges, according to data compiled by Bloomberg.

Airbnb and its investors are selling around 52 million shares on Wednesday for $ 68 each after listing them for $ 56 to $ 60 each, said the people, who asked not to be identified because the information was not yet public. . At this price, Airbnb has a fully diluted value of around $ 47 billion, which includes employee stock options and restricted stock units.

An Airbnb representative declined to comment.

Other companies lined up for IPOs this month include Roblox video game company, Affirm installment loan provider and ContextLogic, the parent of Wish online discount retailer.

San Francisco-based Airbnb had seen a rebound in domestic bookings since the early days of demand crushed by the pandemic.

Morgan Stanley and Goldman Sachs Group Inc. leads the IPO. Airbnb shares are expected to start trading Thursday on the Nasdaq Global Select Market under the symbol ABNB.

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