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.
