Airbnb Inc. said Monday it aims to raise around $3 billion from its planned listing on the Nasdaq, the company said Tuesday, in an IPO that could value the home rental platform at around $35 billion.
Airbnb will price its 50 million share offering in the region of $44.00 to $50.00 each, the company said in an amended filing with the Securities and Exchange Commission, implying a value of around $35 billion at the higher end of the forecast. Company officers and insiders will sell a further 1.9 million sahres. Proceeds from the listing, which will trade under the ticker symbol ABNB, will be around $2.85 billion, the company said.
Shares are expected to price on Wednesday December 9, with formal trading set to begin the following day.
"COVID-19 has materially adversely affected our recent operating and financial results and is continuing to materially adversely impact our long-term operating and financial results,” the company said in its original filing with the SEC on November 16. “However, we believe that as the world recovers from this pandemic, Airbnb will be a vital source of economic empowerment for millions of people.”
Airbnb said it lost $697 million over the first nine months of this year, with revenues down 32.4% to $2.5 billion as it slashed staff and took out $2 billion in term loans last spring as the first wave of the pandemic took hold.
September quarter revenues, however, jumped to $1.3 billion, still down 18% from last year but a notable improvement as travel restrictions eased amid the summer holiday season.