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Airbnb aims for $35 billion valuation in long-awaited IPO

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Anirban Sen, Joshua Franklin and Chibuike Oguh, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/reuters/05/11/airbnb.jpg"/><figcaption>File photo of small toy figures are seen in front of diplayed Airbnb logo in this illustration taken March 19, 2020.<em> Dado Ruvic</em></figcaption></figure></div><p>NEW YORK - Airbnb Inc said on Tuesday it is aiming for a valuation of up to $34.8 billion in its initial public offering (IPO), in what would cap a stunning recovery in its fortunes after the U.S. home rental firm&#x27;s business was heavily damaged by the COVID-19 pandemic earlier this year.</p><p>In a regulatory filing, Airbnb set a target price range of between $44 and $50 apiece to sell 51.9 million shares, which would pull in $2.6 billion. Airbnb could end up selling $2.85 billion at the upper end of the range.</p><p>Of the shares being sold, Airbnb founders Brian Chesky, Joe Gebbia and Nathan Blecharczyk will together sell nearly $100 million worth of shares in the IPO launch. </p><p>Airbnb struggled in the immediate aftermath of the pandemic as travel came to a grinding halt. It had to lay off a quarter of its workforce and seek $2 billion in emergency funding from investors, including private equity firms Silver Lake and Sixth Street Partners.</p><p>But as lockdowns eased, more travelers opted to book homes instead of hotels, helping Airbnb post a surprise profit for the third quarter. The San Francisco-based firm also gained from increased interest in renting homes away from major cities.</p><p>&quot;Looking at Airbnb there&#x27;s a lot to like. The company&#x27;s third quarter has shown they&#x27;ve bounced back better than a lot of their travel rivals,&quot; said Matthew Kennedy, senior strategist at IPO research firm Renaissance Capital.</p><p>At the top of Airbnb&#x27;s target range, the IPO will give Airbnb a fully diluted valuation, which includes securities such as options and restricted stock units, of $34.8 billion. This is nearly double the $18 billion Airbnb was worth in an April private fundraising round and above the $31 billion in its last pre-COVID-19 private fundraising in 2017.</p><p>Airbnb&#x27;s market capitalization at $50 per share would total $29.8 billion. Chesky&#x27;s stake would be valued at about $3.8 billion, while those of Gebbia and Blecharczyk would be worth about $3.5 billion each. Sequoia Capital, which first invested in Airbnb in 2009, would have a stake worth more than $4 billion.</p><p>Airbnb made its IPO registration public earlier this month. Reuters was the first to report in October that the startup was aiming to raise around $3 billion in its IPO that could value it at more than $30 billion. </p><p>Airbnb plans to list on Dec. 10 under the symbol &quot;ABNB&quot; on Nasdaq.</p><div><strong>LONG-AWAITED IPO</strong></div><p>Airbnb&#x27;s stock market debut will be one of the largest and most anticipated U.S. IPOs of 2020, which has already been a bumper year for flotations. Record label Warner Music Group, data analytics firm Palantir Technologies and data warehouse company Snowflake Inc have all gone public in the past few months.</p><p>Airbnb was launched by Chesky and Gebbia in 2008 as a website to take bookings for rooms during conferences, including the Democratic National Convention that year in Denver.</p><p>It has since expanded listings to include apartments, houses and vacation rentals, allowing millions of ordinary homeowners to make money by renting their flats and houses while on their own holidays.</p><p>Airbnb achieved &quot;unicorn&quot; status in 2011, with listed properties in 13,000 cities across more than 180 countries at the time, after being valued at more than $1 billion in a funding round led by Andreessen Horowitz.</p><p>Some of Airbnb&#x27;s other investors include Hollywood actor Ashton Kutcher, buyout firms General Atlantic, TPG, Hillhouse Capital and investment management firms Vanguard Group and Fidelity Investments.</p><p>Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/17/20/airbnb-says-sharing-model-proved-resilient-amid-pandemic">Airbnb says sharing model proved &#x27;resilient&#x27; amid pandemic</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/AgMjCbOukaQ?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Airbnb Inc said on Tuesday it is aiming for a valuation of up to $34.8 billion in its initial public offering (IPO), in what would cap a stunning recovery in its fortunes after the U.S. home rental firm's business was heavily damaged by the COVID-19 pandemic earlier this year.</p>

Airbnb Inc said on Tuesday it is aiming for a valuation of up to $34.8 billion in its initial public offering (IPO), in what would cap a stunning recovery in its fortunes after the U.S. home rental firm's business was heavily damaged by the COVID-19 pandemic earlier this year.

Airbnb aims for $35 billion valuation in long-awaited IPO

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Airbnb aims for $35 billion valuation in long-awaited IPO

Anirban Sen,

Joshua Franklin and Chibuike Oguh,

Reuters

Published December 02, 2020 08:38 AM PHT

Read More:

Airbnb

IPO

initial public offering

home rental

staycations

coronavirus impact on travel industry

coronavirus impact on tourism

COVID-19

pandemic

ANC

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