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Airbnb is trying to get the stock market back to soar.
The home rental startup said on Tuesday it intended to sell shares at a price of between $ 44 and $ 50 each when it went public, valuing it at nearly $ 35 billion .
The company said it expects to raise up to $ 2.75 billion from the offer, according to a prospectus filed with the Securities and Exchange Commission. Its three founders also plan to sell shares that could be valued at $ 95 million.
Such a sale would bring Airbnb’s valuation back to where it was before the pandemic hit its business. At the start of the year, investors valued the company at $ 31 billion. But in the spring, with travel halted and cancellations pouring in, Airbnb raised $ 18 billion in emergency funding.
Airbnb is betting Wall Street is going to buy into its story of a booming business. Even though its income declined in the first nine months of the year compared to the same period last year, bookings in the past three months have rebounded as people took road trips to rent a car. house in remote areas.
Airbnb now plans to embark on a virtual “road show” to showcase its stock to investors over the next week, culminating with its listing on the Nasdaq under the symbol “ABNB”.
The company is one of a herd of high-profile tech companies that will go public before the end of the year. Food delivery company DoorDash said on Monday it hopes to raise up to $ 2.8 billion from its IPO, in a sale that could value the company as high as $ 31.6 billion. billions of dollars. E-commerce company Wish and children’s game maker Roblox are expected to list their shares in the coming weeks.
Michael J. de la Merced contributed reporting.
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