Airbnb bags much higher than expected share price ahead of listing
Despite the Covid-ravaged global economy, Airbnb has delivered on the hype surrounding its IPO.
It raised $3.7 billion by selling 51 million Class A shares at a bumper $68 per share, according to an inside source at the company.
That gives it a current valuation of about $47 billion ahead of its public listing
The share price was well above market expectations of $44 to $50 per share.
It will rank as the biggest US IPO of the year and shares begin trading today on the Nasdaq under the ticker ABNB.
The company is allowing employees to profit, who may sell up to 15% of their shares when it lists.
Airbnb said it made a loss of $697 million for the first nine months of this year, due to the pandemic and had to cut 25% of its workforce.
In a filing, the company said its brand cachet and business model has proved to be resilient during the worse period ever for global travel.
"People wanted to get out of their homes and yearned to travel, but they did not want to go far or to be in crowded hotel lobbies. Our platform has proven adaptable to serve these new ways of traveling." it said.
"We believe that as the world recovers from this pandemic, Airbnb will be a vital source of economic empowerment for millions of people."
Written by Ray Montgomery, US Editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Airlines suspend Madagascar services following unrest and army revolt
Airbnb eyes a loyalty program but details remain under wraps
Qatar Airways offers flexible payment options for European travellers
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Major rail disruptions around and in Berlin until early 2026