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Wednesday, 02 December, 2020, 14 : 30 PM [IST]

IPO: Airbnb seeking valuation of nearly USD 35bn

Airbnb is trying to ride the soaring stock market to a comeback, reports Erin Griffith in The New York Times. The home rental start-up said on Tuesday that it intends to sell shares at between USD 44 and USD 50 each in its initial public offering (IPO), valuing it as high as nearly USD 35 billion.

The company said it plans to raise as much as USD 2.75 billion from the offering, according to a prospectus filed with the Securities and Exchange Commission. Its three founders also plan to sell stock that may be valued at as much as USD 95 million.

Such a sale would return Airbnb’s valuation to where it was before the pandemic battered its business. At the beginning of the year, investors had valued the company at USD 31 billion. But in the spring, with travel halted and cancellations pouring in, Airbnb raised emergency funding valuing it at USD 18 billion.

Airbnb is betting that Wall Street will buy into its narrative of a rebounding business. Even though its revenue shrank in the first nine months of the year compared to the same period last year, bookings in the most recent three-month period recovered as people took road trips to home rentals in remote areas.

(Source: The New York Times)

 
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