Dec. 10 Update: Airbnb's shares were priced above the last estimates, at $68 per share and opened at $146.
Airbnb Inc. (ABNB:NASDAQ) is expected to price its shares for its initial public offering at between $56 and $60 per share. The company originally indicated the range would be between $44 and $50 per share, but on December 7, in an SEC filing, announced it upped the expected range.
The stock will commence trading on Thursday, December 10, on the NASDAQ exchange under the ticker ABNB.
The company will sell approximately 56.5 million shares, potentially raising $3.3 billion.
Airbnb is a San Francisco-based vacation rental online marketplace that launched in 2008. The platform today features 4 million hosts and more than 800 million guest arrivals in 100,000 cities around the world. Airbnb does not own properties, instead it receives a commission for every booking.
The pandemic has affected Airbnb's bottom line. For the first nine months of 2020, the company's revenue totaled $2.5 billion, down from $3.7 billion one year earlier.
This has been a busy week for IPOs, with initial pricing above the anticipated ranges. Food delivery app DoorDash Inc. (DASH:NYSE), which began trading on the New York Stock Exchange on December 9, was priced at $102 per share, above the expected range of $90 to $95. The stock opened at $182 and ended the day at $189.51, a gain of nearly 86% over the IPO price.
C3.ai (AI:NYSE), an artificial intelligence software provider, also began trading on the New York Stock Exchange today. Priced at $42 per share, the stock opened at $100, and closed the day at $92.49, a 120% increase over the IPO price.[NLINSERT]
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