Airbnb, within hours of DoorDash nearly doubling in its trading debut, priced its initial public offering above a marketed range to raise about $3.5 billion, according to people familiar with the matter.
The home-rental company’s IPO — anticipated for years by eager investors — tops DoorDash’s $3.37 billion offering as a flurry of consumer-facing web-based companies going public this month continues. Airbnb’s listing adds to what was already a record year for IPOs, with more than $163 billion raised on U.S. exchanges, according to data compiled by Bloomberg.
Airbnb and its investors are selling about 52 million shares Wednesday for $68 each after marketing them for $56 to $60 each, said the people, who asked not to be identified because the information wasn’t public yet. At that price, Airbnb has a fully diluted value of about $47 billion, which includes employee stock options and restricted stock units.
A representative for Airbnb declined to comment.
San Francisco-based Airbnb had seen a bounce back in domestic bookings since the early days of the pandemic crushed demand.
Morgan Stanley and Goldman Sachs Group Inc. are leading the IPO. Shares of Airbnb are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol ABNB.
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