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
