Airnbn, Resilient in Pandemic, Goes Forward With IPO

Airbnb proved its resilience in a year that has upended global travel. Now it needs to prove to investors that it sees more growth ahead.

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The San Francisco-based home sharing company makes its long-awaited debut on the public market Thursday. The company priced its shares at $68 apiece late Wednesday, giving it an overall value of $47 billion, according to a person with knowledge of the transaction who was not authorized to speak because the amount had not yet been made public. The shares will trade on the Nasdaq Stock Market under the symbol “ABNB.”

Airbnb raised $3.7 billion in its offering, making it the biggest U.S. IPO this year, according to Renaissance Capital, which tracks IPOs. The company had initially set a price range of $44 to $50 for it shares, but raised that to a range of $56 to $60 earlier this week indicating rising investor demand.

Airbnb’s listing comes a day after another San Francisco-based company, DoorDash, soared through it initial public offering, the second largest after Airbnb’s. DoorDash’s stock jumped 85.8% to close at $189.51. The meal delivery app raised $3.4 billion with its offering.

Airbnb wants to add more hosts and properties, expand in markets like India, China and Latin America and attract new guests.