WASHINGTON: Home-sharing giant Airbnb, which is expected to go public this week would dramatically increase its IPO price. It is valuing the group at more than US$40 billion, the Wall Street Journal announced Sunday.
The group is expected to announce a price range of between US$56 and US$60 a share. It also up from US$44 to US$50, the paper said.
When contacted Sunday for comment, Airbnb did not respond.
The vacation rental platform, which managed to turn the tide at the start of the coronavirus pandemic after a few tough months. It said its initial public offering would include 51.9 million shares.
The group will go public on Thursday. Also it will be listed under the symbol “ABNB” on the Nasdaq stock exchange website.
At a higher price, the gig economy champion could hit a stock market value of US$42 billion.
Meal delivery service DoorDash will make its debut on the market one day before Airbnb in a testament to Wall Street’s demand for IPOs for new unicorns.
The start-up, powered by virus-induced market constraints, also increased its IPO unit price range to between US$90 and US$95 per share on Friday, compared to US$75 to US$85 earlier.
The meal delivery company will now target for an over US$30 billion valuation.
In the past two weeks, Wall Street has set new milestones, with the Dow Jones and Nasdaq closing at all-time highs on Friday.
More Information About: