Home-sharing giant Airbnb Inc, which is scheduled to go public this week, is to significantly raise its initial public offering (IPO) price, valuing the group at more than US$40 billion, the Wall Street Journal reported on Sunday.
The group is expected to announce a price range of US$56 to US$60 a share, up from US$44 to US$50, the paper said.
Airbnb did not respond when contacted on Sunday for comment.
Photo: Reuters
The vacation rental platform, which has managed to turn the tide after a few difficult months at the start of the COVID-19 pandemic, said its initial public offering would include 51.9 million shares.
The group is to go public on Thursday and would be listed on the NASDAQ Composite stock exchange platform under the symbol “ABNB.”
At the increased price, the champion of the gig economy could reach a stock market valuation of US$42 billion.
In a testament to Wall Street’s appetite for IPOs for new unicorns, meal delivery service DoorDash Inc is to make its debut on the market one day before Airbnb.
The start-up, propelled by business restrictions due to the virus, on Friday also raised its IPO unit price range to US$90 to US$95 per share, versus US$75 to US$85 previously.
The meal delivery company would now be aiming for a valuation of more than US$30 billion.
Wall Street has set new records in the past two weeks, with the Dow Jones Industrial Average and the NASDAQ closing on Friday at all-time highs.
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