Airbnb shares surge 115 per cent in market debut
Company opens at $146 per share
Airbnb opened at $146 per share on its first day of trading on Thursday, more than double the $68 price set for its initial public offering the day before.
The online holiday rentals company was forced to shelve plans for a listing earlier this year, with global Covid-19 restrictions severely affecting both domestic and international travel.
The 12-year old firm had initially planned to sell shares at between $56 and $60, raising $3.7bn from and valuing the company at $47bn, but hiked its target following fervent investor interest.
The IPO comes hot on the heels of fellow San Francisco-based firm DoorDash’s listing. Shares in the VC-backed food delivery company surged 86 per cent on Wednesday, its first day of trading.
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By mid-afternoon (EDT), Airbnb traded up 111 per cent at $143.76. With a market capitalisation of $98.7bn (£74.3bn, €81.4bn), the company now has a higher valuation than the world's two largest hotel firms, Hilton and Marriott, combined.
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