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Airbnb Reportedly to Price Above Increased IPO Range

Airbnb will price its initial public offering above its recently increased target range of $56 to $60, a report says.
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Airbnb will price its initial public offering shares above its recently  increased target range of $56 to $60, according to a report.

The San Francisco home-rental service is expected to set its target price above $60 on Wednesday ahead of its trading debut on Thursday, The Wall Street Journal reported. It will trade under symbol " (ABNB) - Get Airbnb, Inc. Class A Report."

The stock is expected to be priced after the markets close Wednesday.

The new expected price would value Airbnb at more than $42 billion. The company is expected to raise more than $3.3 billion in the IPO.

On Monday, Airbnb raised the price range of its IPO to between $56 and $60 a share.

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The company said it has lost $697 million over the first three quarters of 2020 as the coronavirus pandemic has decimated the travel and hospitality industries. 

The company reported September quarter revenue of $1.3 billion. 

It has been a hot year for IPOs. DoorDash  (DASH) - Get DoorDash, Inc. Class A Report priced its own IPO at $102 a share, ahead of its previous target, valuing the company at about $39 billion. 

Jim Cramer told his Mad Money audience on Monday there's a lot to like about the DoorDash story. The company has both market share and growth, he said, and even though it is still investing for growth and losing tons of money margins are moving in the right direction.

E-retailer Wish is debuting next week and financial technology company Affirm and video game company Roblox are expected to go public later this month.

More than $140 billion has been raised in IPOs on U.S. exchanges so far this year, well above the previous full-year record set in 1999.