United Kingdom
United States
Asia Pacific
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.
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
British Airways passengers endure 11-hour 'flight to nowhere'
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Co-pilot faints, easyJet flight issues ‘red alert’
Gatwick braces for strike