The giant home-sharing rental company made a new move ahead of its scheduled public listing.
Airbnb recently announced a price increase for its initial public offering to between $56 and $60 per share. Previously, the home-rental platform was targeting $44 to $50 a share. With this new boost, Airbnb aims for a $42 billion market cap, up $7 billion from $35 billion forecasted until now.
Airbnb IPO Details & investors
Airbnb intends to sell 50 million shares via its public offering scheduled for December 10, with the IPO pricing date announced for December 9. The company is set to list on Nasdaq under the ticker symbol "ABNB." The deal's main underwriters are two of the largest U.S banks: Goldman Sachs and Morgan Stanley.
Throughout the years, Airbnb has raised more than $6.4 billion from big names such as Sequoia Capital, Sixth Street Partners, General Atlantic, and Silver Lake. Even Jeff Bezos showed confidence in its potential when he invested an undisclosed amount in the company in 2011 through his venture-capital firm – Bezos Expeditions.
About Airbnb
On August 11, 2008, Airbnb was founded by former schoolmates Brian Chesky and Joe Gebbiato, together with Nathan Blecharczyk. In a little over a decade, more than two million people were staying with Airbnb each night. By 2018, the company reached a profit of $200 million. In August 2020, it filed for an Initial Public Offering.
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Sources: wsj.com, barrons.com, finance.yahoo.com.