Shares were priced at $68 on Wednesday and is now expected to reach about $150 when it starts trading.
Airbnb is set to double its share price in its IPO debut on Thursday in the latest in a wave of hotly-anticipated tech IPOs during a tumultuous year due to the pandemic. Shares were priced at $68 on Wednesday and are now expected to reach about $150 when the stock starts trading, according to early indications ahead of the first trade. Airbnb will trade under the ticker “ABNB” on the Nasdaq. The company is going public at a time when the sector has been battered by reduced travel trends during the public health crisis. Its revenue shrunk nearly 19% last quarter to $1.34 billion compared to the same period a year prior. But it still managed to turn a profit of $219 million and has had other intermittent quarters of profitability. While travel has been lower, Airbnb managed to hit a sweet spot for those willing to venture out who preferred home-stays over traditional hotels. That could change when vaccines make more widespread travel more accessible again, possibly as soon as late next year.
