Airbnb seeks valuation of almost $35 billion in I.P.O.
Airbnb is making an attempt to journey the hovering inventory market to a comeback.
The house rental start-up stated on Tuesday that it intends to promote shares at between $44 and $50 every in its preliminary public providing, valuing it as excessive as almost $35 billion.
The corporate stated it plans to lift as a lot as $2.75 billion from the providing, in line with a prospectus filed with the Securities and Trade Fee. Its three founders additionally plan to promote inventory that could be valued at as a lot as $95 million.
Such a sale would return Airbnb’s valuation to the place it was earlier than the pandemic battered its enterprise. Initially of the yr, buyers had valued the corporate at $31 billion. However within the spring, with journey halted and cancellations pouring in, Airbnb raised emergency funding valuing it at $18 billion.
Airbnb is betting that Wall Avenue will purchase into its narrative of a rebounding enterprise. Despite the fact that its income shrank within the first 9 months of the yr in comparison with the identical interval final yr, bookings in the latest three-month interval recovered as individuals took street journeys to residence leases in distant areas.
Airbnb now plans to embark on a digital “street present” to pitch its inventory to buyers over the following week, culminating with its shares itemizing on Nasdaq underneath the image “ABNB.”
The corporate is amongst a flock of high-profile tech corporations going public earlier than the tip of the yr. On Monday, the meals supply firm DoorDash stated it hoped to lift as much as $2.8 billion from its I.P.O., in a sale that might worth the corporate at as a lot as $31.6 billion. E-commerce firm Want and kids’s sport maker Roblox are anticipated to record their shares within the coming weeks.
Michael J. de la Merced contributed reporting.
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