Biggest IPOs Amid the Pandemic

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The coronavirus pandemic has slowed the number of initial public offerings taking place but that doesn’t mean there haven’t been some big ones. In fact, according to Dealogic, U.S. listings have raised $60 billion so far in 2020, on track to break a record.

According to the Wall Street Journal, Airbnb plans to file IPO paperwork in August 2020. Airbnb has a valuation of $18 billion, down from $31 billion in 2017. In June, used-car seller Vroom went public, raising nearly $500 million.

San Francisco-based Airbnb, which was founded in 2008, has suffered during the coronavirus pandemic as people stopped traveling, causing bookings to plummet.

However, bookings began to pick up in the spring. On July 8, guests booked more than 1 million nights’ worth of future stays at Airbnb listings around the world, the company said, the first time it hit that level since March 3.

Jim Cramer told TheStreet's Katherine Ross that Airbnb must be doing better than he'd realized to be planning an initial public offering.

Also in June, Warner Music went public on the Nasdaq, listing 77 million class A shares. The company is valued at more than $13 billion. Warner Music WMG has musicians like Ed Sheeran, Bruno Mars, and Cardi B on its books.

Supermarket operator Albertsons went public in June as well. Albertsons ACI operates stores under the Albertsons, Safeway and Vons names. The company priced at $16 a share, below the expected range. Albertsons was seeking $18 to $20 a share. It sold 50 million shares, below expectations of 65.8 million shares. The offering valued the company at about $9.3 billion.

In August, Rocket Companies, the parent of mortgage behemoth Quicken Loans, went public, trading at $18 a share. The company is valued around $36 billion. Rocket Companies' initial public offering came at a time in which homeowners are struggling to maintain their mortgage payments, even with widespread mortgage relief programs in place. Some 11% of households with a mortgage failed to make their last payment, according to the U.S. Census Bureau’s Household Pulse survey in the five weeks through June 2.

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