Airbnb, which provides a platform for booking short-term stays from a global network of locals, raised the proposed deal size for its upcoming IPO on Monday.
The San Francisco, CA-based company now plans to raise $3.0 billion by offering 51.6 million shares (3% insider) at a price range of $56 to $60. The company had previously filed to offer 51.9 million shares (4% insider) at a range of $44 to $50. The number of primary shares being offered by the company is the same. At the midpoint of the revised range, Airbnb will raise 23% more in proceeds than previously anticipated.
Airbnb was founded in 2008 and booked $3.6 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol ABNB. Morgan Stanley, Goldman Sachs, Allen & Company, BofA Securities, Barclays, Citi, BNP Paribas, Mizuho Securities, Credit Suisse, Deutsche Bank, Jefferies and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of December 7, 2020.
